🚨 Breaking News: The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Silvergate Capital Corporation, the parent company of Silvergate Bank, a crypto-friendly institution. The SEC alleges that the bank failed to meet Bank Secrecy Act/anti-money laundering regulations, despite claiming otherwise to the public and shareholders.

Key points:

- The SEC also sued former CEO Alan Lane, former COO Kathleen Fraher, and former COO Antonio Martino.

- The bank allegedly failed to detect nearly $9 billion worth of suspicious transfers by FTX, which filed for bankruptcy in November 2022.

- Silvergate Bank was once a go-to bank for major crypto businesses, but it voluntarily folded under the pressure of the sector's epic headwinds.

- The loss of Silvergate and other institutions triggered months of U.S. banking chaos, leaving digital assets companies scrambling for financial relationships.

What are your thoughts on this development? Share in the comments below! 👇