🚀 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.

🔍 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.

📣 What do you think about the Fed's oversight of Silvergate? Share your thoughts below! 👇