The implosion of Silvergate Bank is an existential event for what remains of the crypto ecosystem. Silvergate underpinned almost every American crypto company; without it, it's hard to see how the industry can possibly thrive.
that it is deliberately — and rapidly — reducing its crypto-related deposits, rather than seeking to increase them.that they don't trust crypto and aren't likely to smile on banks that embrace the industry. That's one reason no larger savior has stepped in to rescue Silvergate, or at least take over its formerly valuable banking relationships.
Even Silvergate only really managed to achieve its position as a regulated crypto bank through historical accident. It was founded in 1988, long before any cryptocurrencies were invented, and its crypto business, which started in 2013, grew organically in a way that was hard for regulators to stymie.Many crypto companies, including the largest crypto firms in the world, have found it almost impossible to meaningfully incorporate in the U.S. at all.
The dollar is internationally ubiquitous, and everywhere there are dollars, U.S. financial regulators aren't far behind.Crypto true believers tend to mistrust regulators and the dollar. But that in turn only reinforces the tendency of regulators to want to get involved.
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