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Silvergate Capital, the parent company of Silvergate Bank, has filed for Chapter 11 bankruptcy in the U.S. District Court of Delaware. This follows an 18-month wind-down period for the crypto-focused bank. The bankruptcy filing has sparked significant discussion within the crypto community, with many attributing the collapse to regulatory actions under the Biden administration. Critics argue that the Federal Reserve, FDIC, and OCC launched a sometimes-illegal crackdown on banks servicing the crypto industry, which contributed to the downfall of Silvergate and other banks like Signature Bank. The situation has raised concerns about the broader impact of regulatory policies on the crypto sector and the potential misuse of regulatory power.
👀 Signature Bank's bankruptcy filings reveal the firm failed because of regulatory intervention. The filing appears to confirm @nic__carter's Operation Chokepoint 2.0 theory, with the regulators demanding Signature slash its services to crypto firms 🔨 https://t.co/O7q044QEC5 https://t.co/hakoPbdlg0
This may be the most important crypto thread of the year. Please read, share and act. The current US government administration is aggressively and potentially illegally choking banks that work with crypto companies. Thank you @nic__carter for this expose. https://t.co/DfACmaQ5vD
This is worth a read. More evidence has come forward that under the Biden/Harris administration, crypto was being actively suppressed through regulatory policy. The Democrats want to scorched-earth crypto. As an industry, we need to embrace this fact. https://t.co/7lFjBYS33I
