March 08, 2023

Brown Statement on Silvergate Liquidation

WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown, Chair of the Senate Banking, Housing, and Urban Affairs Committee, issued the following statement regarding reports that Silvergate Bank is liquidating.

“As the impact of FTX’s collapse continues to ripple outward, today we are seeing what can happen when a bank is overreliant on a risky, volatile sector like cryptocurrencies,” said Brown. “I’ve been concerned that when banks get involved with crypto, it spreads risk across the financial system and it will be taxpayers and consumers who pay the price. That’s why I am continuing to work with my colleagues in Congress and financial regulators to establish strong safeguards for our financial system from the risks of crypto.”