Nic Carter, a partner at CastleIsland Ventures, said the intervention of US regulators forced Silvergate to liquidate voluntarily, or the bank could have survived. Carter pointed out that the Biden administration had asked Silvergate to limit cryptocurrency deposits to 15% or face serious consequences. This move is seen as "Operation Kill 2.0", which is to crack down on banks that support cryptocurrencies through crypto rules and weaken the development of the industry.
Mr. Carter also noted that Silvergate's decision to opt for voluntary liquidation rather than go into FDIC receivership, which has happened only a few times in the past 30 years, was "doubtful", arguing that Silvergate's collapse was more the result of regulatory pressure than a funding crisis.
Partner at CastleIsland Ventures: Silvergate's collapse was primarily due to regulatory pressure, not a funding crisis
2024-09-26 05:15:02
Castleisland ventures partner nic carter representation united states regulatorydesk3cryptocurrencydesktopCrypto News
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