Silvergate’s Fraher breaks silence on settlement with Gensler’s SEC

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Source: Kate Fraher Fraher said the wind-down was not because of a “bank run” or market volatility from FTX’s collapse in November 2022, even as the bank experienced a deposit run of around 70%. Instead, Fraher said the company chose to wind down because the “broader administrative and regulatory pressure levied against the digital asset industry made operating a viable business impossible.” Many crypto industry pundits labeled this as “Operation Chokepoint 2.0,” an unconfirmed plan in which US financial regulators cut off banking services to crypto companies in an attempt to restrict their ability to operate within the broader financial system. Silvergate wasn’t the only crypto-friendly bank affected by the strict measures, which intensified following the collapse of FTX in November 2022. Signature Bank and Silicon Valley Bank also shut down in early 2023, in part due to deposit runs, liquidity stress and contagion effects tied to FTX and several crypto lending platforms that went bankrupt in 2022. Related: Trump-backed Truth Social pulls bids for crypto ETFs But Fraher said by the beginning of 2023, it had weathered the FTX collapse by restructuring the business with “appropriate capital levels” and a “right-sized workforce” to continue operations safely. Fraher applauded the current Paul Atkins-led SEC leadership for ending the gag rule, which she described as an “unconstitutional policy.” “I am glad the right to speak the truth has finally been restored,” Fraher said, adding: “We must continue to talk about the long-term professional and personal toll exacted on individuals by regulation through enforcement.” Magazine: 5 tech predictions the mainstream media got horribly wrong More on the subject

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