Alan Lane: Biden administration pressured Silvergate to liquidate, company had solvency at the time

Former CEO of Silvergate, Alan Lane, stated that Silvergate handled customer withdrawals equivalent to 70% of current deposits in the fourth quarter of 2022 and maintained solvency at all times. The Biden administration and multiple federal agencies have launched an investigation into Silvergate and implemented regulatory policies to restrict banks from providing services to the cryptocurrency industry. Silvergate announced an orderly liquidation and cessation of operations on March 8, 2023, not due to insolvency or liquidity depletion.