Fed watchdog says supervisors could have stopped Silvergate

Failed California bank should have required permission for switch into cryptocurrency

Federal Reserve
The Federal Reserve's eagle. Photo: Dan Hinge

The Federal Reserve’s internal watchdog found supervisors failed to stop a California bank from transitioning into cryptocurrency, contributing to its fall last March.

The Office of the Inspector General (OIG) released the executive summary of its report into Silvergate Bank on September 27. It released only the executive summary of the report, as Silvergate is “an open institution” and the full report contains confidential material.

Founded in 1988 as a loan provider, Silvergate became a bank

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