Former Silvergate CEO attributes bank liquidation to political pressure

Former Silvergate Bank (Silvergate Bank) CEO Alan Lane claimed in a Substack post that political and regulatory pressure from the Biden administration led to the bank's voluntary liquidation in 2023. Lane argued the bank remained operational after meeting significant withdrawal demands in late 2022 but chose to liquidate due to external pressure. However, a 2023 Federal Reserve report cited reliance on crypto depositors, funding risks, and governance failures as primary causes.