Crypto did not cause Signature, Silvergate and SVB collapses, and FTX exposure was minimal: Congressional report Cryptocurrencies
The CRS, a non-partisan agency which acts as a trusted resource to inform members of Congress, published ‘The Role of Cryptocurrency in the Failures of Silvergate, Silicon Valley, and Signature Banks’ on Tuesday.
“At Silvergate, exposure to FTX was limited to holding deposits, which were less than 10% of Silvergate’s total. Celsius reportedly held $130 million at Signature, which in July 2022 represented little more than 0.1% of Signature’s total deposits. While FTX held deposits at Signature, those also represented around 0.1% of Signature’s deposits.”
Even Silvergate’s Bitcoin collateralized loans, which the report said were perceived as “risky” due to Bitcoin’s volatility, performed “as expected, with no losses or forced liquidations,” according to company CEO Alan Lane on a Jan. 17 conference call with the SEC. The report said that the problems at these banks began as crypto prices fell precipitously throughout 2022. “As digital asset prices fell, centralized crypto platforms and stablecoin issuers experienced redemptions, likely causing them to draw down deposits held at these banks,” they wrote. “To meet withdrawal demand, banks sold ostensibly safe securities for losses, affecting their liquidity and—in some cases—their solvency.
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