Unchained
Unchained
Laura Shin
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Did Washington Crush Crypto’s Most Important Bank? Its Former Chairman Says Yes. - Ep. 780
51 minutes Posted Feb 7, 2025 at 2:00 pm.
How Mike’s background in banking led him to work in crypto
Why banking has always been a challenge for crypto companies
How Silvergate Bank got involved so much with the industry and how it achieved “tremendous growth”
The “magic” of the Silvergate Exchange Network (SEN)
Why Mike believes Silvergate’s problem was not banking regulators, but D.C. politics
How everything changed after the FTX collapse
Whether SEN is a valuable asset for a bank to have
Why Mike believes that Operation Choke Point 2.0 is real
Whether short sellers worked with politicians to tank Silvergate
How Mike thinks that banks could service the crypto industry
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Show notes
 Sign up for our free regulatory newsletter!Silvergate Bank was once crypto’s most important banking partner, handling billions in deposits from the biggest players in the industry. Then, FTX collapsed—and everything changed.In this episode of Unchained, Mike Lempres, former chairman of Silvergate, talks about how Silvergate grew into a banking giant for crypto, why Washington suddenly turned against them—even after they survived the FTX crisis, and whether Operation Choke Point 2.0 was real.Plus, did short sellers and politicians work together to tank Silvergate’s stock? And what does the future look like for banks that want to serve crypto?This is part of the inside story of one of the biggest banking collapses in crypto history.Show highlights:
2:08 How Mike’s background in banking led him to work in crypto
4:10 Why banking has always been a challenge for crypto companies
5:14 How Silvergate Bank got involved so much with the industry and how it achieved “tremendous growth”
8:10 The “magic” of the Silvergate Exchange Network (SEN)
17:49 How everything changed after the FTX collapse
30:48 Whether short sellers worked with politicians to tank Silvergate
34:21 How Mike thinks that banks could service the crypto industry
Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.comThank you to our sponsors!
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Guest
Mike Lempres, Former Chairman of Silvergate BankLinks
Unchained: 
Why the new FDIC Leadership Isn’t Convinced Operation Chokepoint 2.0 Exists
Regulators Are Limiting Banks Serving Crypto Clients. Does That Violate the Law?
Rep. French Hill Says He’d Investigate Operation Choke Point 2.0 as Financial Services Chair
Are Regulatory Failures to Blame for Crypto Banking Issues?
Caitlin Long on Why Operation Choke Point 2.0 Has Bankers Nervous
Ahead of Debanking Hearings, Industry Is Divided on Political Strategy
Caitlin Long on Why the Fed’s Rejections of Custodia Bank Seem Politically Motivated
How Will the FTX Collapse Affect Silvergate? A Bear and a Bull Debate
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