Silvergate ex-CEO blames Biden pressure for bank’s 2023 wind-down
Former Silvergate Bank CEO Alan Lane said political and regulatory pressure from the Biden administration pushed the crypto-focused lender into voluntary wind-down in 2023, even though he believes it remained solvent after a severe deposit run. He said Silvergate could have kept operating after meeting withdrawals equal to 70% of demand deposits in late 2022, and that it had liquid assets, cash, and securities it could sell or pledge. Lane argued liquidation happened under “political pressure,” citing 2023 interagency crypto-risk statements as evidence of pressure on banks serving crypto firms. His account conflicts with federal reviews, which said Silvergate collapsed because of its concentrated crypto deposit base, funding risks, and governance and compliance weaknesses. Regulators also later alleged major AML and transaction-monitoring failures tied to crypto customers and FTX transfers. Lane settled SEC charges without admitting wrongdoing and received a fine and officer-and-director bar.
