White House discusses Silvergate problems and other Bitcoin companies

The administration of U.S. President Joe Biden is monitoring the situation around Silvergate Bank and cryptocurrency companies, said White House press secretary Karine Jean-Pierre at a briefing.

She noted that recently a number of crypto firms have faced ‘significant problems’, but she did not comment on the situation with Silvergate specifically.

‘In recent weeks, regulators have issued guidance on how banks should protect themselves from risks associated with cryptocurrencies,’ added Jean-Pierre.

According to her, the U.S. president ‘has repeatedly urged Congress to take action’ to protect American users from risks associated with digital assets.

In March, a number of crypto companies cut ties with Silvergate Bank. Among them are Coinbase, LedgerX, Circle, Paxos and others. Client outflows began amid the bank’s delay in filing its annual report to the SEC.

Subsequently, Silvergate announced the closure of its own payment network the Silvergate Exchange Network.