Sam Bankman-Fried once separated life 'before Silvergate and after Silvergate,' lauding the premier crypto bank later damaged by FTX's fall. DanielGKuhn writes about Silvergate's comeuppance and whats next for crypto banks Opinion for The Node newsletter
that two of the principal banks friendly to the U.S. crypto industry, Silvergate and Signature, took out loans from a federal program originally set up to back mortgage lending. This was a painful thing to learn in some corners of the crypto industry. They remember that when Satoshi Nakamoto released the codebase for Bitcoin in 2008 it was as much a political statement as a technical revolution.
Of course, not everyone was upset to learn Silvergate, important for getting dollars into the crypto economy, took out this Federal Home Loan Bank. Banks are banks, after all. But few will be happy to hear that Silvergate looks set to fail – even if it seems karmic. Today, the bank announced it was delaying a Securities and Exchange Commission filing for the first time, after it made last-minute asset sales to repay an outstanding balance on its federal loan.
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