US Authorities Are Keeping an Eye on Crypto Companies
White House Press Secretary Karine Jean-Pierre has confirmed that the Biden Administration is keeping a close eye on the developments surrounding Silvergate Bank and other cryptocurrency companies in recent weeks.
She has also highlighted that the US President is asking Congress to take necessary steps to protect customers from the risks associated with digital assets.
She has added:
“In recent weeks, regulators have issued guidance on how banks should protect themselves from the risks associated with cryptocurrencies.”
This comes after a number of crypto firms broke off relations with Silvergate, including Coinbase, LedgerX, Circle and Paxos, due to the delay of the bank’s annual report to the SEC. Silvergate has since announced the closure of its Silvergate Exchange Network.
