Community News:
1. Ethereum Goerli testnet is scheduled to be upgraded on March 14th, and the mainnet will be upgraded in 3 to 4 weeks.
Ethereum developers plan to have the Goerli testnet complete the Shanghai upgrade on March 14, with developers agreeing on a target date during a biweekly call on Thursday. All that remains after the Goerli test is for Ethereum developers to set a date for the mainnet upgrade. (CoinDesk)
Industry News:
1. Crypto-friendly bank Silvergate (SI.N) shares plunge 46%
Crypto-friendly bank Silvergate (SI.N) shares plunged 46%. Earlier, Silvergate announced that it would postpone its 2022 annual report and was evaluating its ability to continue as a business. Coinbase terminated its cooperation with it, and JPMorgan Chase and Canaccord downgraded Silvergate's stock rating. (Planet Daily)
2. Tether CTO: No exposure to Silvergate
Tether Chief Technology Officer (CTO) Paolo Ardoino tweeted that there is no exposure to Silvergate.
3. MicroStrategy: No assets are held in trust by Silvergate and no loans will be repaid in advance due to its bankruptcy
MicroStrategy said that no assets are held in custody by Silvergate. It is reported that MacroStrategy, a subsidiary of MicroStrategy responsible for purchasing Bitcoin, obtained a loan of US$205 million from Silvergate through the Silvergate Exchange Network (SEN) leverage plan in March 2022. The loan will mature in the first quarter of 2025 and will not be repaid in advance due to Silvergate's insolvency or bankruptcy. (CoinDesk)
4. HSBC bans customers from using credit cards to buy cryptocurrencies
HSBC, the UK's largest bank, has banned customers from using credit cards to buy cryptocurrencies. (Watcher.Guru)
Policies and Regulations:
1. US SEC Chairman: Crypto exchanges are not compliant custodians
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has pushed back against the idea that crypto exchanges can be safe qualified custodians for investment advisors. Gensler said that based on how cryptocurrency trading and lending platforms generally operate, investment advisors cannot rely on them as qualified custodians, (CoinDesk)