Former Silvergate Capital CEO Alan Lane said the Biden administration’s pressure on the crypto industry forced Silvergate into voluntary liquidation on March 8, 2023, despite the bank surviving an approximately $8 billion deposit run and repaying every depositor in full without drawing on the Federal Deposit Insurance Corporation’s insurance fund. Silvergate, once a key banking partner for crypto firms, operated the Silvergate Exchange Network, which enabled round-the-clock dollar transfers. The bank formally surrendered its banking charter in July 2024 and emerged from Chapter 11 bankruptcy on March 31, 2026, with common equity reinstated under a liquidation plan. Lane’s account conflicts with federal findings that cited Silvergate’s concentrated deposit base, funding risks, governance and risk-management weaknesses, and compliance failures. In July 2024, Silvergate Capital, Lane and former Chief Risk Officer Kathleen Fraher settled regulatory charges, with penalties and settlements across regulators totaling $63 million. Lane’s claims form part of the broader debate over alleged crypto debanking, including the so-called Operation Choke Point 2.0, while regulators have also pointed to substantive compliance deficiencies.