Senators question Silvergate over ties to FTX, Bloomberg reports

A bipartisan group of senators, including Democrat Elizabeth Warren and Republican Roger Marshall, sent a letter to Silvergate Capital Monday asking questions about its ties to cryptocurrency exchange FTX, Allyson Versprille of Bloomberg reports. In a copy of the letter obtained by Bloomberg, the senators said Silvergate in December had declined to fully answer related questions. "Both Congress and the public need and deserve the information necessary to understand Silvergate’s role in FTX’s fraudulent collapse, particularly given the fact that Silvergate turned to the Federal Home Loan Bank as its lender of last resort in 2022," they wrote. A representative for Silvergate said Tuesday that the company has a comprehensive compliance and risk management program and did significant due diligence on FTX and Alameda Research, Versprille notes. Reference Link