REMINDER: WHAT THE LEFT CANNOT CONTROL, IT WILL ATTEMPT TO DESTROY. Inside the Biden Admin’s Plot to Destroy Silvergate and Debank Crypto for Good. “New information suggests Biden admin regulators deliberately killed off crypto-friendly Silvergate in an attempt to decapitate the US crypto industry.”
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New bankruptcy filings and exclusive interviews with confidential sources suggest Silvergate could have survived if not for pressure from regulators, which allegedly included an informal mandate to cap its crypto deposits at 15 percent.
Sen. Elizabeth Warren all but accused Silvergate of aiding and abetting FTX’s crimes, creating an “atmosphere of concern” around Silvergate that possibly contributed to a run on the bank.
Sources told us the FHLB (Federal Home Loan Banks) refused to renew their monthly loan agreement with Silvergate due to political pressure from Warren, accelerating the bank’s losses.
Claims of criminal wrongdoing related to Silvergate’s association with FTX have never been proven, and no criminal charges have ever been filed against the bank.
Silvergate’s downfall may have been a primary cause of the 2023 regional banking crisis, which ultimately took down Signature, Silicon Valley Bank, and First Republic.
Those are just the bullet points. Full details at the link.