๐ Silvergate Bank's meteoric rise as a go-to crypto bank went unchecked by Federal Reserve examiners, according to a report from the Fed's Office of Inspector General (OIG). The bank should have filed an application with the Fed when it pivoted into full-time crypto, but examiners deemed it a standard commercial bank.
๐ The OIG found "significant, pervasive, and persistent weaknesses" in key control functions and "ineffective" senior management. Silvergate voluntarily wound down in March after last year's crypto mayhem.
๐ฃ What do you think about the Fed's oversight of Silvergate? Share your thoughts below! ๐