The Federal Reserve Board has concluded its enforcement action against Silvergate Bank and its holding company, Silvergate Capital Corporation. The action, which began in May 2023, required the bank to liquidate its operations while safeguarding depositors. Following successful completion of the liquidation plan, Silvergate repaid all deposits and ceased banking activities. The bank, previously linked to the crypto industry, faced challenges after the FTX collapse in late 2022. Despite legal issues and lawsuits, including a class-action suit and SEC allegations, Silvergate settled with the SEC for $50 million. Market observers predict increased investment in Bitcoin ETFs by public pension funds. RFK Jr. now claims a majority of his wealth is in Bitcoin. CryptoSlate's market report delves into Bitcoin mining metrics. Disclaimer: Content is not investment advice, and trading cryptocurrencies carries risks. Read more AI-generated news on: https://app.chaingpt.org/news
Federal Reserve Ends Enforcement Action Against Silvergate Bank
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