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White House Is 'Aware of' Silvergate Situation, Spokeswoman Says
Press secretary Karine Jean-Pierre said the administration is watching Silvergate's situation and likened it to other crypto companies that have had issues recently.
White House press secretary Karine Jean-Pierre said the Biden administration is monitoring Silvergate Bank's (SI)) situation, comparing it with those at other crypto companies and saying President Joe Biden has called on Congress to take action in this area.
During her White House press briefing Monday, Jean-Pierre said she couldn't speak to Silvergate specifically, but noted that a number of crypto companies have "experience[d] significant issues" in recent weeks and pointed to statements from federal bank regulators warning of the risk cryptocurrencies could pose to banks and other financial institutions.
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"In recent weeks banking regulators have released guidelines on how banks should protect themselves from risks associated with crypto," she said. "As you know, this is a president that has repeatedly called on Congress to take action to protect everyday Americans from the risk posted by digital assets and he will continue to do so."
Silvergate announced last Friday it would shutter its Silvergate Exchange Network (SEN), a 24/7 internal settlement tool the bank's customers could use to conduct transactions between each other on weekends or times when normal banking services may be closed.
The move came days after Silvergate announced it would delay filing its annual report, and said that it may have bank regulator, Department of Justice and other investigations to address and that its ability to be a "going concern" over the next 12 months may be in doubt.
Read more: Crypto Banking Firm BCB Prepares U.S. Dollar Payments to Plug Silvergate Gap
The bank's stock plummeted as a result, falling 58% in a single day before largely stabilizing. A number of the bank's most prominent crypto clients have announced they would suspend their business with Silvergate,
"[I] won't speak to this particular company as we have not on other cryptocurrency companies, but we're going to continue monitoring reports, and currently we're aware of the situation," Jean-Pierre said Monday.
Nikhilesh De
Nikhilesh De is CoinDesk's managing editor for global policy and regulation, covering regulators, lawmakers and institutions. He owns < $50 in BTC and < $20 in ETH. He won a Gerald Loeb award in the beat reporting category as part of CoinDesk's blockbuster FTX coverage in 2023, and was named the Association of Cryptocurrency Journalists and Researchers' Journalist of the Year in 2020.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
Was Sie wissen sollten:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
