Former Silvergate Bank CEO Alan Lane has publicly attributed the crypto lender’s voluntary liquidation in 2023 to political and regulatory pressure from the Biden administration, arguing the
Former Silvergate Bank CEO Alan Lane has publicly attributed the crypto lender’s voluntary liquidation in 2023 to political and regulatory pressure from the Biden administration, arguing the institution remained solvent even after absorbing a historic deposit outflow.
In an inaugural Substack post, Lane said Silvergate could have continued operating after satisfying withdrawals equal to 70% of its demand deposits during the fourth quarter of 2022. He described what he called a ‘coordinated attack by the Biden Administration’ and said the bank ultimately chose liquidation ‘in the face of political pressure.’
