According to Cointelegraph, Nic Carter, partner at blockchain investment firm Castle Island Ventures, said that Silvergate Bank could have survived without pressure from U.S. regulators. Carter said in a Pirate Wires article on September 25 that Silvergate was required to limit crypto deposits to 15% or face consequences.

Carter believes this proves that his March 2023 “Operation Choke Point 2.0” is real, in which the government cracked down on crypto banks through secretive rules, leading to the 2023 banking crisis.

Carter also mentioned that Signature Bank and Silicon Valley Bank also closed due to similar pressure. Silvergate insiders revealed that the bank had to comply with the 15% rule or it would be closed.

Carter believes that Silvergate's decision to voluntarily liquidate rather than enter FDIC receivership is also suspicious, indicating that it was forced by regulators. Carter also pointed to the market recovery in the second half of 2023 and 2024 as further evidence that Silvergate could have survived.

Carter acknowledged that Silvergate was not entirely innocent but argued that it should not have been forced to close.