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FollowingFormer Silicon Valley Bank CEO Alan Lane: Voluntary liquidation of crypto lending institutions stems from political and regulatory pressure
Former Silvergate Bank CEO Alan Lane publicly stated that the bank's voluntary liquidation in 2023 was mainly due to political and regulatory pressure exerted by the Biden administration. He stressed that the institution remained solvent even after experiencing record outflow of deposits.
In his first column on its Substance platform, Lane pointed out that despite meeting withdrawal needs equivalent to 70% of demand deposits in the fourth quarter of 2022, Silicon Valley banks could have continued to operate. He called it a "coordinated attack led by the Biden administration" and said the bank ultimately chose to liquidate in the face of political pressure.
