Banking news — part of our Finance coverage, with source attribution.
Former Silvergate Bank CEO Alan Lane wrote in an inaugural Substack post that political and regulatory pressure from the Biden administration forced the crypto-focused lender to wind down in 2023, despite his view that the bank remained solvent after a large withdrawal wave. Lane said Silvergate could have met withdrawals equal to about 70% of demand deposits in late 2022 and pointed to government messaging on crypto as part of a "coordinated attack" that made continued operation untenable.
