White House press secretary Karine Jean-Pierre said in her Monday briefing the Biden Administration has its eyes on Silvergate after the California crypto bank delayed its annual report and announced the shuttering of its exchange network last week.
White House press secretary Karine Jean-Pierre told reporters on Monday the Biden Administration was aware of Silvergate and ‘monitoring’ reports.
Jean-Pierre observed that Silvergate was the latest cryptocurrency company to experience significant issues. "In recent weeks, banking regulators have released guidelines on how banks should protect themselves from risks associated with crypto," she said.it would not timely file its annual financial report with the Securities and Exchange Commission.
Silvergate said it needed additional time to allow its outside auditors to complete certain procedures, including a review of unrecorded adjustments and the evaluation of the effectiveness of the company’s internal control over financial reporting. The company sold additional debt securities in January and February 2023 and expects to record further losses. The company reported a fourth quarter net loss of $1 billion, compared to net income of $04.6 billion a year earlier.
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