It’s become increasingly clear that crypto-focused banks such as Signature and Silvergate were closed by political mandate during the 2023 banking crisis, says Nic Carter. And the way it was done should bother anyone who cares about open access to financial services.

Last week, I published a new article revisiting the last days of the doomed pro-crypto bank Silvergate, alleging that it had been effectively killed off by federal regulators within the Biden administration. You may be wondering why I am relitigating events that took place in the spring of 2023.

The truth is, I believe that those fateful events are widely misunderstood, and that hindsight has brought us more information to better understand what really took place. The conventional narrative is that Silvergate, Signature, and others were the architects of their own demise. They accepted crypto firms as clients and paid the price when the crypto space experienced tremors in 2022 and 2023; and mismanaged the maturity of their asset portfolio throughout a period of rising rates.

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