The Americans are still pragmatic. They just pay the money and accept the punishment. They don't do things too much. This is conducive to the development of new things.
Silvergate will pay $63 million to settle with the US SEC, the Federal Reserve and California regulators
Silvergate Capital Corp., the parent company of the crypto-friendly bank Silvergate Bank, has agreed to pay $63 million to settle with the US SEC, the Federal Reserve and the California Department of Financial Protection and Innovation (DFPI). The regulators accused it of failing to maintain an appropriate anti-money laundering program and making misleading disclosures about the effectiveness of the program.
Silvergate was fined $43 million by the Federal Reserve and $20 million by California regulators, who also pointed out that the bank had deficiencies in tracking internal transactions. The SEC also fined it $50 million, but it is not expected to increase the total fine. The SEC said that any fines owed by Silvergate may be offset by the amount it pays to bank regulators, and the settlement agreement is subject to court approval.
The SEC also charged former executives of Silvergate. Former CEO Alan Lane and former COO Kathleen Fraher agreed to a settlement, while former CFO Antonio Martino denied the allegations. (CoinDesk)
