Silvergate 'is obviously only the latest company in the cryptocurrency field to experience significant issues,' White House PressSec Karine Jean-Pierre said in a briefing Monday. nikhileshde reports
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.White House Press Secretary Karine Jean-Pierre said the presidential administration is monitoring Silvergate Bank's situation, comparing it to other crypto companies and saying U.S. President Joe Biden has called on Congress to take action in this area.
During her White House press briefing Monday, Jean-Pierre said she couldn't speak to Silvergate specifically, but noted that a number of crypto companies have"experience[d] significant issues" in recent weeks, and pointed to statements from federal bank regulators warning of the risk cryptocurrencies could pose to banks and other financial institutions.
"In recent weeks banking regulators have released guidelines on how banks should protect themselves from risks associated with crypto," she said."As you know, this is a president that has repeatedly called on Congress to take action to protect everyday Americans from the risk posted by digital assets and he will continue to do so.
The move came days after Silvergate announced it would have to delay filing its annual report, and said in its"forward looking statements" section that it may have bank regulator, Department of Justice and other investigations to address, and its ability to be a"going concern" over the next 12 months may be in doubt., falling 58% in a single day before largely stabilizing.
"[I] won't speak to this particular company as we have not on other cryptocurrency companies, but we're going to continue monitoring reports, and currently we're aware of the situation," Jean-Pierre said Monday.
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