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There have been reports of regulators engaging in urgent discussions with Silvergate in an effort to discover measures to prevent the cryptocurrency-friendly bank from being forced to close its doors.Bloomberg&#39;s article from the 7th of March, which cited &#34;people familiar with the subject,&#34; stated that regulators from the Federal Deposit Insurance Corporation had reportedly been talking with management potential strategies to save the firm.According to the information provided on its website, the Federal Deposit Insurance Corporation (FDIC) is an independent federal organization in the United States that is entrusted with monitoring financial institutions to ensure their safety, soundness, and the protection of consumers.According to one of Bloomberg&#39;s sources, FDIC inspectors visited the company&#39;s headquarters the week before last and have since been going over the company&#39;s books and records since their arrival.But, a decision has not yet been made about how it will deal with its financial problems, and according to another source, the involvement of the FDIC does not mean that a solution can&#39;t be achieved without the regulator&#39;s help. This week, Silvergate stated that it would be delaying the submission of its 10-K report. This report is a document that would offer a detailed review of the company&#39;s operations and financial position. As a result of this announcement, Silvergate stock fell.In a statement made at the time, the company said that it was &#34;considering the impact&#34; that market volatility and a number of high-profile bankruptcy in 2022 would have on &#34;its ability to operate as a going concern&#34; over the following twelve to eighteen months.The lack of clarity surrounding Silvergate&#39;s financial status has stoked suspicions of the company soon declaring for bankruptcy, which may have negative repercussions for the rest of the sector. On March 2, the price of Silvergate shares fell on the New York Stock Exchange by more than fifty percent, reaching $5.72; at the same time, crypto values fell across the board.

Silvergate Reportedly Talks with FDIC on Ways to Avoid Shutdown

ItsBitcoinWorld

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