Silvergate Capital Corp., the parent company of crypto-friendly Silvergate Bank, has agreed to a $63 million settlement with the US SEC, Federal Reserve and California Department of Financial Protection and Innovation (DFPI). 🏦💰🤝 Silvergate received a $43 million penalty from the Federal Reserve and a $20 million penalty from California regulators. The SEC also imposed a $50 million penalty, but the total penalty is not expected to increase. The agreement requires court approval.

Previously, the SEC charged Silvergate Capital with securities fraud. The SEC stated that after the FTX crash in 2022, Silvergate misled investors about its bank secrecy systems, anti-money laundering compliance programs, and poor financial condition.