Silvergate Capital executive Regulatory shift in early 2023 leads to the banks bankruptcy

According to reports from Bi推, Silvergate Bank, a crypto-friendly bank, faced significant challenges due to a sudden shift in regulatory policy at the beginning of 2023. An executive from its parent company, Silvergate Capital, stated that institutions including the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) made it clear that, starting at least from the first quarter of 2023, they would not tolerate banks with a large number of digital asset customers. This ultimately hindered Silvergate Bank’s ability to continue its business model focused on digital assets. Critics pointed out that the pressure from regulators was the primary reason for the bank’s eventual closure.