🚀🌕 Hello#cryptofriends! Silvergate Bank has transformed from a community lender to a high-flying crypto bank without Federal Reserve regulators raising any alarms! 😂

🏦 Silvergate was a bank that was viewed with skepticism by more traditional institutions in the digital asset sector. However, Fed regulators should have taken more aggressive and decisive action due to the bank’s uncontrolled growth and weak oversight functions. 🤦‍♂️

🔍 The OIG report found that Silvergate’s management was ineffective and frowned upon, leading to the bank’s inability to cope with its rapid growth and increasing complexity. 😱

📚 The OIG, which made recommendations on how to deal with similar situations in the future, agreed to develop new and expanded guidelines for the Federal Reserve Board of Governors regarding banks that are rapidly growing and shifting their focus. 📈

💬 Do you think what happened to Silvergate Bank is a warning to crypto banking? We are waiting for your comments! 🤔👇