Did Washington Crush Crypto’s Most Important Bank? Its Former Chairman Says Yes. - Ep. 780

This Unchained podcast episode interviews Mike Lempres, former Silvergate Bank chairman, about the bank's experience with the crypto industry and its eventual liquidation. The conversation covers Silvergate's unique business model, its reliance on the Silvergate Exchange Network (SEN), and the significant deposit drawdown following FTX's collapse. Lempres discusses regulatory concerns, particularly the alleged informal policy limiting crypto-related banking to 15% of a bank's business, and suggests this contributed to Silvergate's closure. He also touches upon the role of short sellers in exacerbating the situation and offers insights into how banks can better serve the crypto industry while managing risk. The interview concludes with Lempres's belief that a coordinated effort ("Operation Choke Point 2.0") aimed at keeping crypto out of the banking system was underway.