- The Biden administration is following the news around crypto companies
- And again reminded of the need to protect the Americans
Concerns about the Silvergate crypto bank have reached Washington. White House press secretary Karine Jean-Pierre commented on the situation on briefing for the press, which took place a couple of hours ago.
Here is the full text of the conversation with journalists.
Q: Silvergate is in trouble right now. I’m wondering if you guys are following this.
On Friday they shut down their crypto payment network. And last week, the bank said it might have to assess its viability after a $1 billion loss in the fourth quarter.
Is the administration doing anything to monitor this or intervene – something like that?
RS. JEAN-PIERRE: So, we are aware of the situation and follow the news. I won’t comment specifically on Silvergate. But apparently, this is only one of the companies in the field of cryptocurrencies that has faced significant problems.
In recent weeks, banking regulators have issued recommendations on how banks should protect themselves from the risks associated with cryptocurrencies.
As you know, the President has repeatedly called on Congress to take action to protect ordinary Americans from the risks associated with digital assets. And he will continue to do so.
Therefore, I will not talk about this particular company, as well as other crypto companies. But we continue to monitor the reports. And obviously we are aware of the situation.
Recall that MicroStrategy, Tether and a number of crypto exchanges broke off relations with Silvergate.
