White House Press Secretary Karine Jean-Pierre said that the US Presidential administration is monitoring the situation of Silvergate Bank. cryptocurrency He said that US President Joe Biden urged Congress to take action in this area.
At a White House press briefing on Monday, Jean-Pierre said he could not speak privately with Silvergate, but noted that a number of crypto companies have been experiencing “significant problems” in recent weeks, pointing to statements by federal bank regulators warning of the risk that cryptocurrencies can pose to banks and other financial institutions. he did.
Jean-Pierre said in his statement:
“In the past weeks, banking regulators have issued guidelines on how banks should protect themselves from crypto-related risks. As you know, this is a president who has repeatedly called on Congress to take action to protect ordinary Americans from the risks posed by digital assets, and will continue to do so.”
Silvergate announced last Friday that the bank would shut down the Silvergate Exchange Network (SEN), a 24/7 internal settlement tool that customers can use to transact between each other on weekends or when regular banking services may be down.
The move comes days after Silvergate announced it would have to delay submitting its annual report, and in its “forward-looking statements” section, the bank regulator had said that U.S. Department of Justice and other investigations may need to be addressed and its ability to “continue operations” for the next 12 months may be questionable.
“I won’t talk about this company as we don’t talk about other crypto companies, but we will continue to monitor notifications and are aware of the situation at this time,” Jean-Pierre said on Monday.
*Not investment advice.
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