Crypto: The White House Watches Silvergate Case Closely

Invest.com - White House spokesperson Karin Jean-Pierre said Monday evening in the media that the Biden administration is monitoring the situation at the Silvergate Capital Corp (NYSE:SI), a crypto bank threatening bankruptcy last week.
Recall that Silvergate stock crashed by almost 60% last Thursday after postponing delivery of the report to the SEC. On Monday, shares fell by more than 6%.
During her press briefing at the White House on Monday, Jean-Pierre said she could not speak specifically about Silvergate, but noted that a number of cryptocurrency companies have been "experiencing significant problems" in recent weeks.
She also stressed the warning of federal banking regulators against the risks that cryptocurrencies can represent for banks and other financial institutions.
"In recent weeks, banking regulators have issued guidelines on how banks should protect themselves against cryptocurrency risks," she said.
"As you know, the president has repeatedly asked Congress to take action to protect Americans from the daily risk of digital assets, and he will continue to do so".
Last Friday, Silvergate announced the closure of its Silvergate Exchange Network (SEN), an internal payment tool available on weekends or periods when normal banking services may be closed.
This decision was made a few days after Silvergate announced that it would postpone the submission of its annual report and said that it could be investigated by the banking regulator, the Ministry of Justice and others.
Silvergate also warned that his ability to be an "operating company" for the next 12 months might be in question.
"I will not talk about this particular company as we have not done for other cryptocurrency companies, but we will continue to track the reports, and now we know the situation," said Jean-Pierre.