There's still confusion about what specifically led to Silvergate and Signature Banks shutting down, nikhileshde writes in this week's State of Crypto newsletter.
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.It seems the crypto industry still has some questions about Signature and Silvergate’s shutdowns. Plus, I’m in Washington, D.C., for a few days this week attending the DC Blockchain Summit on Tuesday and the CFTC Technology Advisory Committee meeting on Wednesday. Say hi if you’re there!
You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government.We’ve still got some unanswered questions about the Signature and Silvergate bank shutdowns. What kinds of issues forced those shutdowns? Did Silvergate voluntarily repay its FHLB loans? Just how much money did Signature lose in deposits?I think it’s safe to assume people want certainty. Companies want to know they'll be able to tap banking services.
– except for about $4 billion in crypto-related deposits. The Federal Deposit Insurance Corporation will dispose of those on its own .
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