Prices took a dive this week as two banks closely connected to the crypto industry both sank. The first was Silvergate, an actual crypto bank, and the second was Silicon Valley Bank, a tech- and startup-focused institution that holds key crypto players as clients, including stablecoin issuer Circle and crypto VC firms Andreessen Horowitz (a16z) and Sequoia Capital.

On Thursday Ram Ahluwalia, CEO of SEC-registered investment advisory firm Lumida, criticized Senator Elizabeth Warren’s negative reaction to the news of Silvergate’s collapse.

The following day, reports emerged that Silicon Valley Bank (SVB) was looking for outside acquisition. Not long after they hit the press, California’s Department of Financial Protection and Innovation shut the bank down and appointed the Federal Depos

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Author: Tim Hakki

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