• News
    • Bitcoin
    • Altcoins
  • Regulation
  • Blockchain
  • NFT
    • NFT News
    • Collectibles
    • Crypto Art
    • Gaming
    • Play2Earn
  • Metaverse
  • Learn
  • Market Cap
What's Hot

Stacks 2.1 deployed: Is BTC the catalyst STX needed all along

2023-03-21

Adam Cochran calls Balaji’s $1m Bitcoin [BTC] target ‘impossible’: Here’s why

2023-03-21

Belgium to introduce new crypto ad regulation

2023-03-21
Facebook Twitter Instagram
Tuesday, March 21
Facebook Twitter Instagram
Patrol Crypto
  • News
    • Bitcoin
    • Altcoins
  • Regulation

    Belgium to introduce new crypto ad regulation

    2023-03-21

    Florida Governor Ron DeSantis seeks to ban US CBDC in state

    2023-03-20

    Florida Governor Moves to Ban CBDCs, Calls for Coalition of States to Follow Suit

    2023-03-20

    Taiwan orders financial watchdog to take over crypto regulations

    2023-03-20

    Cardano Creator Charles Hoskinson Slams Politicians for Blaming US Banking Crisis on Crypto

    2023-03-20
  • Blockchain

    New OKX Blockchain Testnet to Launch Soon, Announces OKEx Founder

    2023-03-20

    SPYCE.5 to Accelerate Enterprise Adoption

    2023-03-20

    Neo Releases an Exclusive Encrypted Messaging Forum ‘NeoChat’

    2023-03-20

    The Retroactive Arbitrum Impact Bridged A Total Of $871 Million To zkSync

    2023-03-20

    With the Arbitrum Airdrop News, zkSync and StarkNet Daily Active Users Rise 10 Times

    2023-03-20
  • NFT
    • NFT News
    • Collectibles
    • Crypto Art
    • Gaming
    • Play2Earn
  • Metaverse

    Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

    2023-03-20

    A Guide to Virtual Land Staking in the Metaverse

    2023-03-20

    Nissan Doubles Down on Web3 Innovation

    2023-03-13

    As Fashion Moves into the Metaverse, What Other Industries Could Be Next

    2023-03-13

    South Korea Launches New ‘Metaverse Fund’

    2023-03-13
  • Learn

    Top 10 Best Ethereum Wallets 2023

    2023-03-18

    What are Dapps (Decentralized Applications) Crypto?

    2023-03-17

    How to Short Sell Bitcoin

    2023-03-17

    Cardano (ADA) Coin Review — Changelly

    2023-03-14

    Best Crypto For Day Trading In 2023: An Overview

    2023-03-13
  • Market Cap
Patrol Crypto
Home»Regulation»White House ‘aware’ of the Silvergate situation, says spokeswoman
Regulation

White House ‘aware’ of the Silvergate situation, says spokeswoman

2023-03-07No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

The Biden Administration is “aware of the situation” at Silvergate and will continue to monitor reports on the troubled bank as it unfolds, according to a White House spokesperson.

Speaking at a press briefing on March 6, Press Secretary Karine Jean-Pierre said the White House hasnoted that Silvergate marked another major crypto firm to “experience significant issues” in recent months but declined to go into further specifics on the firm.

“In recent weeks, banking regulators have released guidelines on how banks should protect themselves from risks associated with crypto,” she said, adding that:

“This is a president that has repeatedly called on Congress to take action to protect everyday Americans from the risk posed by digital assets and he will continue to do so. We won’t speak to this particular company as we have not with other cryptocurrency companies, but we will continue to monitor the reports.”

Silvergate, known as a “crypto bank,” was a key banking partner to a number of major crypto companies and projects.

However, uncertainty over the bank’s solvency began to spread at the start of March, after Silvergate delayed the filing of its annual 10-K report by two weeks. A 10-K report is a legally required document that provides a comprehensive overview of a company’s business and financial condition.

On the back of that news, Coinbase announced on March 2 that it had terminated its partnership with Silvergate, as the crypto exchange also alluded to concerns over the Department of Justice’s investigation into the firm over involvement in the collapse of FTX.

At Coinbase all client funds continue to be safe, accessible & available.

In light of recent developments & out of an abundance of caution, Coinbase is no longer accepting or initiating payments to or from Silvergate.

— Coinbase (@coinbase) March 2, 2023

Several crypto heavyweights promptly followed suit by either cutting ties or distancing themselves from the bank, including Circle, Paxos, Bitstamp, Galaxy, MicroStrategy and Tether to name a few.

See also  Impact of the Silvergate collapse on crypto — Watch The Market Report live

On March 4, Silvergate also announced that it was shutting down its digital asset payment network Silvergate Exchange Network due to “risk-based” concerns, sparking further uncertainty over the firm’s financials.

Related: Investor concerns persist as crypto investment products see 4th week of outflows

As a result, Silvergate’s stock price (SI) has plummeted roughly 60% since March 1, while the total combined market cap of crypto has dropped around 5.5% to $1.072 trillion in that same time frame.

Speaking with CNBC on March. 6, economist Noelle Acheson, the author of the Crypto is Macro Now newsletter, suggested that if Silverbank were to file for bankruptcy, it would give regulators a far greater excuse to clamp down on crypto than before, given the bank’s ties to traditional finance.

“Up until now we’ve been able to say that the fallout of everything that happened last year was contained within the crypto industry — painful, but contained,” Acheson said, adding that:

“If Silvergate goes under then the regulators will be able to say ‘aha, systemic risk, we told you so.’ That will give them even more ammunition to go after crypto and increase their choke on fiat access for crypto businesses.”

Source link

aware House Silvergate situation spokeswoman White
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Belgium to introduce new crypto ad regulation

2023-03-21

Florida Governor Ron DeSantis seeks to ban US CBDC in state

2023-03-20

Florida Governor Moves to Ban CBDCs, Calls for Coalition of States to Follow Suit

2023-03-20

Taiwan orders financial watchdog to take over crypto regulations

2023-03-20
Add A Comment

Leave A Reply Cancel Reply

Top Posts

The Sandbox Hosts WBDD Release Party Event

2023-01-28

Decoding the state of Polygon NFTs as MATIC…

2023-02-28

Here’s how one company is solving DeFi’s issues through easy onboarding, and cross-chain staking

2023-02-12

Subscribe to Updates

Get the latest news and Update from Patro Crypto about Crypto, Metaverse, NFT and more.

About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest YouTube
Top Insights

Stacks 2.1 deployed: Is BTC the catalyst STX needed all along

2023-03-21

Adam Cochran calls Balaji’s $1m Bitcoin [BTC] target ‘impossible’: Here’s why

2023-03-21

Belgium to introduce new crypto ad regulation

2023-03-21
Get Informed

Subscribe to Updates

Get the latest news and Update from Patro Crypto about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Patrolcrypto.com - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.

  • JDBJDB(JDB)$0.021575-0.61%
  • bitcoinBitcoin(BTC)$27,843.00-1.76%
  • ethereumEthereum(ETH)$1,749.14-2.47%
  • USDEXUSDEX(USDEX)$1.08-0.31%
  • tetherTether(USDT)$1.010.40%
  • binancecoinBNB(BNB)$333.25-1.46%
  • usd-coinUSD Coin(USDC)$1.010.48%
  • rippleXRP(XRP)$0.3890561.00%
  • cardanoCardano(ADA)$0.336909-2.53%
  • staked-etherLido Staked Ether(STETH)$1,744.79-2.62%