White House monitoring Silvergate situation

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Updated March 8, 2023 | Published March 8, 2023

2 mins read

White House press secretary Karine Jean-Pierre has weighed in on the latest issues surrounding crypto bank Silvergate.

Silvergate Bank has suspended its crypto payment network and expressed doubt over whether it will be able to continue operating.

The bank confirmed last Friday that the Silvergate Exchange Network (SEN) was being discontinued with immediate effect.

At the time, it was said that the switching off of the SEN would spell the bank’s end. Now, White House press secretary Karine Jean-Pierre has said that the Biden administration is duly monitoring the Silvergate situation and comparing it with that of other crypto companies that found themselves in a difficult position over the past months and years.

Jean-Pierre did not go into detail about Silvergate specifically during her Monday address, but argued that federal bank regulators have increasingly raised issues with cryptocurrencies and their impact on mainstream finance.

“In recent weeks banking regulators have released guidelines on how banks should protect themselves from risks associated with crypto”, she explained.

Silvergate Bank has also said it will be late with filing its annual report. These developments have contributed to a 58% plunge of Silvergate’s stocks before stabilizing at the beginning of the week.

Jean-Pierre confirmed that the White House would continue reading into the situation and keep close tabs on the matter, although she also added that the Biden administration was not concerned with just one company, but the sector as a whole.

The latest thorn in the crypto sector’s side comes amid calls for hastening regulations in the US, as some top financiers have been calling the situation unwieldy and pointing to cases such as Silvergate and FTX that have had an impact on mainstream finance as well as crypto.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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