The Fed “Murdered” Silvergate in a Crackdown Campaign
The post The Fed “Murdered” Silvergate in a Crackdown Campaign appeared on BitcoinEthereumNews.com.
Nic Carter accused the Federal Reserve of playing a role in Silvergate’s liquidation. Carter believes Silvergate was the first casualty in a crypto crackdown campaign. The government attempted to blackmail Silvergate because of its link with FTX. Cryptocurrency expert Nic Carter has pointed the finger at the Federal Reserve, alleging they played a major role in the well-known Silvergate liquidation of early 2023. Carter contends that the Fed pressured the California-based bank to scale back its crypto business. To comply with such a recommendation, Silvergate would have been forced to restructure its business, ultimately leading to its liquidation. In an X (formerly Twitter) post, Carter asserted that Silvergate was the first casualty in a crackdown campaign against banks involved in the crypto space by the Biden administration. Carter believes the Fed, FDIC, and OCC launched “operation choke point 2.0” to accomplish their goal. This is the smoking gun: Silverage was solvent and able to operate, but the Fed had informed them they had to curtail their crypto business. Without a crypto business, they would have had to reshape the entire firm. It was _this_ that caused them to liquidate. pic.twitter.com/ptigCNQaT6 — nic carter (@nic__carter) September 19, 2024 Challenging the Official Narrative While the prevailing story behind Silvergate’s liquidation suggests the bank voluntarily liquidated after borrowers defaulted on crypto loans, Carter disputes this. He maintains that Silvergate withstood the challenges despite negative interference from members of Congress. Read also : Crypto Bank Silvergate Repays Deposits as Part of Liquidation Plans Carter further emphasized how the government tried to blackmail Silvergate due to its connection with FTX. However, he clarified the bank was cleared of all criminal allegations in its dealings with the now-defunct crypto exchange, remaining solvent and capable of continuing business afterward. “Silvergate Died by Murder, Not Suicide” Therefore, Carter…
Filed under: News - @ September 20, 2024 12:21 pm