Breaking: Silvergate Bank Prepares To Self-Liquidate Following Fed Approval

In a significant development for the crypto industry, Silvergate Bank, known for its crypto-friendly approach, has agreed to file a self-liquidation plan with California financial regulators within 10 days. This decision comes in response to a consent order issued by the Federal Reserve Board against Silvergate Capital Corporation and Silvergate Bank, indicating the bank’s intention to voluntarily liquidate its assets, which was initially announced on March 8, 2023.