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US Senators Press Crypto Bank Silvergate on Ties to FTX: Bloomberg
The lawmakers said in a letter that Silvergate’s previous responses to queries were “evasive and incomplete.”
A bipartisan group of U.S. senators is pushing Silvergate Capital (SI) to provide more details about what it knew about FTX’s alleged misuse of customer funds, according to a report in Bloomberg.
In a letter sent to Silvergate on Monday that was viewed by Bloomberg, the senators asked Silvergate about its connections to the collapsed crypto exchange, saying the firm’s previous responses to similar questions in December were “evasive and incomplete.”
STORY CONTINUES BELOW
The senators include Elizabeth Warren (D-Mass.), Roger Marshall (R-Kansas) and John Kennedy (R-La.).
A spokesperson for the bank said that "Silvergate operates a robust compliance and risk management program. In accordance with its risk management policies and procedures, Silvergate conducted significant due diligence on FTX and its related entities, including Alameda Research."
Shares of Silvergate were up more than 4% in early trading on Tuesday, but have declined 88% over the past year.
Sen. Warren's office did not immediately respond to a request for comment.
Read more: Crypto Bank Silvergate Shares Plunge 46% After $8.1B Withdrawal in Q4 Prompts 200 Job Cuts
UPDATE (Jan. 31, 15:12 UTC): Updated with non-response from Silvergate and Sen. Warren's office.
UPDATE (Jan. 31, 19:33 UTC): Updated with statement from Silvergate.
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
