๐๐คฃ Silvergate Bank went from community lender to crypto superstar without raising a single eyebrow from the Federal Reserve! Talk about flying under the radar! ๐
The bank became a go-to for digital assets, but the Fed's Office of Inspector General (OIG) says it should've required a different type of registration. Oops! ๐
Silvergate's growth was "unchecked" and had "pervasive weaknesses in key control functions." Yikes! ๐ฌ But hey, they voluntarily wound down in March, so no harm, no foul, right? ๐คทโโ๏ธ
What do you think? Should the Fed have stepped in sooner? Let's chat in the comments! ๐ฃ๏ธ #DeFi #Web3 #CryptoBanking
The bank became a go-to for digital assets, but the Fed's Office of Inspector General (OIG) says it should've required a different type of registration. Oops! ๐
Silvergate's growth was "unchecked" and had "pervasive weaknesses in key control functions." Yikes! ๐ฌ But hey, they voluntarily wound down in March, so no harm, no foul, right? ๐คทโโ๏ธ
What do you think? Should the Fed have stepped in sooner? Let's chat in the comments! ๐ฃ๏ธ #DeFi #Web3 #CryptoBanking