Holpop News

Silvergate Bank will “voluntarily liquidate” its assets and wind down operations.
The company said it has retained Centerview Partners as its financial advisor, the law firm Cravath, Swaine and Moore LLP and Strategic Risk Associates.
As part of the liquidation, all deposits will be repaid in full.
“In light of recent industry and regulatory developments, Silvergate believes that an orderly wind-down of the Bank’s operations and voluntary liquidation is the best course of action. The Bank’s wind-down and liquidation plan includes a full repayment of all deposits. The company is also contemplating how best to settle claims and preserve the residual value of its assets, including proprietary technology and tax assets,” said Silvergate.
According to CoinDesk, White House press secretary Karin Jean-Pierre said the president’s administration has been monitoring the situation since earlier this week. President Joe Biden will continue to urge Congress to take action on cryptocurrencies, she said.