After Silvergate Bank announced its voluntary liquidation, U.S. senator Elizabeth Warren is attributing the financial institution’s downfall to “crypto risk.” According to Warren, she had previously warned about Silvergate. However, some critics are dismissing Warren’s opinion as “terribly misinformed” and claim that she is “tossing out egregious accusations.”
Hours after Silvergate Bank announced its liquidation, U.S. senator Elizabeth Warren (D-MA) tweeted about the financial institution’s demise. Warren once again referred to cryptocurrencies as risky and expressed disappointment about Silvergate’s failure, which she deemed “predictable.”
On March 9, U.S. Senator Elizabeth Warren tweeted, “I warned of Silvergate’s risky, if not illegal, activity—and identified severe due diligence failures. Now, customers must be made whole & regulators should step up against crypto risk.” The Massachusetts senator’s statement was met with criticism almost immediately after its publication. “You caused a bank run with spurious accusations and are now claiming you predicted it—Olympic-level mental gymnastics,” one individual responded to Warren’s tweet.
The individual’s comment about Warren starting the Silvergate bank run stems from the letter that Senator Warren, along with Senators Roger Marshall (R-KS) and John Kennedy (R-LA), wrote. The bipartisan letter contained numerous accusations as it requested information on a “massive crypto scandal.” In response to Warren’s tweet on Thursday, one person asked the politician if she had ever managed to “not be terribly misinformed while tossing out egregious accusations?”
Some critics argue that Warren is employing the age-old propaganda that blames objects rather than individuals and businesses for failure. This approach is akin to inanimate weapons causing violence on their own, a pencil writing a hateful letter autonomously, or cryptocurrencies causing harm to investors rather than the crypto business operators. Many critics on Twitter disagreed with senator Warren’s views on the matter. In response to her allegations, crypto CFA Ram Ahluwalia offered a different perspective on the Silvergate situation.
“Silvergate, the first crypto bank, faced a bank run that led to its downfall,” Ahluwalia wrote. “Despite facing allegations around AML, it was not these issues that ultimately caused the demise of [Silvergate Bank]. The responsibility for bank supervision lies with the Executive Branch, but this process was cut short. A senator’s letter, amplified by social media, undermined public trust in Silvergate, ultimately leading to a crisis of confidence.”
Upon reviewing Warren’s Twitter thread, there appears to be little to no support for her commentary in the post, despite the fact that the tweet has received 942 likes and was seen more than 724,000 times. Most of the responses to Warren’s tweet express disgust for her statements on the matter. As usual, criticism of the politician’s actions likened them to politicians breaking legs to sell crutches.
“This is why I hate political self-elevation at the expense of others,” one person told Warren. “Crypto [and] blockchain solves many issues. Unfortunately, it doesn’t solve posturing, self-serving interests, and fear-mongering by elected officials. Thanks for making it harder for honest, hardworking people.”
What are your thoughts on Senator Warren’s views on cryptocurrencies and their role in the downfall of Silvergate Bank? Do you believe her accusations were justified, or do you think they were misguided and harmful to the institution? Share your opinions in the comments below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
After Silvergate Bank announced its voluntary liquidation, U.S. senator Elizabeth Warren is attributing the financial institution’s downfall to “crypto risk.” According to Warren, she had previously warned about Silvergate. However, some critics are dismissing Warren’s opinion as “terribly misinformed” and claim that she is “tossing out egregious accusations.”
Hours after Silvergate Bank announced its liquidation, U.S. senator Elizabeth Warren (D-MA) tweeted about the financial institution’s demise. Warren once again referred to cryptocurrencies as risky and expressed disappointment about Silvergate’s failure, which she deemed “predictable.”
On March 9, U.S. Senator Elizabeth Warren tweeted, “I warned of Silvergate’s risky, if not illegal, activity—and identified severe due diligence failures. Now, customers must be made whole & regulators should step up against crypto risk.” The Massachusetts senator’s statement was met with criticism almost immediately after its publication. “You caused a bank run with spurious accusations and are now claiming you predicted it—Olympic-level mental gymnastics,” one individual responded to Warren’s tweet.
The individual’s comment about Warren starting the Silvergate bank run stems from the letter that Senator Warren, along with Senators Roger Marshall (R-KS) and John Kennedy (R-LA), wrote. The bipartisan letter contained numerous accusations as it requested information on a “massive crypto scandal.” In response to Warren’s tweet on Thursday, one person asked the politician if she had ever managed to “not be terribly misinformed while tossing out egregious accusations?”
Some critics argue that Warren is employing the age-old propaganda that blames objects rather than individuals and businesses for failure. This approach is akin to inanimate weapons causing violence on their own, a pencil writing a hateful letter autonomously, or cryptocurrencies causing harm to investors rather than the crypto business operators. Many critics on Twitter disagreed with senator Warren’s views on the matter. In response to her allegations, crypto CFA Ram Ahluwalia offered a different perspective on the Silvergate situation.
“Silvergate, the first crypto bank, faced a bank run that led to its downfall,” Ahluwalia wrote. “Despite facing allegations around AML, it was not these issues that ultimately caused the demise of [Silvergate Bank]. The responsibility for bank supervision lies with the Executive Branch, but this process was cut short. A senator’s letter, amplified by social media, undermined public trust in Silvergate, ultimately leading to a crisis of confidence.”
Upon reviewing Warren’s Twitter thread, there appears to be little to no support for her commentary in the post, despite the fact that the tweet has received 942 likes and was seen more than 724,000 times. Most of the responses to Warren’s tweet express disgust for her statements on the matter. As usual, criticism of the politician’s actions likened them to politicians breaking legs to sell crutches.
“This is why I hate political self-elevation at the expense of others,” one person told Warren. “Crypto [and] blockchain solves many issues. Unfortunately, it doesn’t solve posturing, self-serving interests, and fear-mongering by elected officials. Thanks for making it harder for honest, hardworking people.”
What are your thoughts on Senator Warren’s views on cryptocurrencies and their role in the downfall of Silvergate Bank? Do you believe her accusations were justified, or do you think they were misguided and harmful to the institution? Share your opinions in the comments below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Polygon fell to its lowest point since January earlier in today’s session, as overall sentiment in crypto markets remained bearish. Overall, the global market cap is now down 1.46% as of writing. Solana also slipped on Thursday, as the token neared a two-month low.
Thursday saw polygon (MATIC) drop to its weakest point since January, as sentiment in the market remained bearish.
Following a high of $1.11 on Wednesday, MATIC/USD moved to a bottom at $1.04 earlier in today’s session.
The last time polygon traded at this level was back on January 26, which is the last time price was under $1.00.
Looking at the chart, this comes as the relative strength index (RSI) of 14 days fell to a long-term floor at 35.00
As of writing, the index has since rebounded and is at the 36.59 mark, with the next visible point of reference being 42.00.
Overall, bulls have moved in to buy the earlier dip, and as of writing MATIC is trading at $1.07.
Solana (SOL)
Solana (SOL) was another victim of Thursday’s red wave, as the token also fell to a multi-month low.
SOL/USD found a bottom at $18.20 earlier today, which comes a day after it resided at a high of $19.33.
Similar to polygon, this sell-off pushed the token to its weakest point since January, with prices now down by over 15% in the past week.
Honing in on the chart, the RSI is now tracking at 33.96, which is its weakest reading since the start of the year.
However, after seven days in the red, SOL has marginally rebounded, after appearing to find a floor at the $18.50 mark.
Should this floor hold firm in the coming days, then there is a good chance that bulls could attempt to recapture the $20.00 mark.
Register your email here to get weekly price analysis updates sent to your inbox:
What do you believe is behind today’s sell-off? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.
Polygon fell to its lowest point since January earlier in today’s session, as overall sentiment in crypto markets remained bearish. Overall, the global market cap is now down 1.46% as of writing. Solana also slipped on Thursday, as the token neared a two-month low.
Thursday saw polygon (MATIC) drop to its weakest point since January, as sentiment in the market remained bearish.
Following a high of $1.11 on Wednesday, MATIC/USD moved to a bottom at $1.04 earlier in today’s session.
The last time polygon traded at this level was back on January 26, which is the last time price was under $1.00.
Looking at the chart, this comes as the relative strength index (RSI) of 14 days fell to a long-term floor at 35.00
As of writing, the index has since rebounded and is at the 36.59 mark, with the next visible point of reference being 42.00.
Overall, bulls have moved in to buy the earlier dip, and as of writing MATIC is trading at $1.07.
Solana (SOL)
Solana (SOL) was another victim of Thursday’s red wave, as the token also fell to a multi-month low.
SOL/USD found a bottom at $18.20 earlier today, which comes a day after it resided at a high of $19.33.
Similar to polygon, this sell-off pushed the token to its weakest point since January, with prices now down by over 15% in the past week.
Honing in on the chart, the RSI is now tracking at 33.96, which is its weakest reading since the start of the year.
However, after seven days in the red, SOL has marginally rebounded, after appearing to find a floor at the $18.50 mark.
Should this floor hold firm in the coming days, then there is a good chance that bulls could attempt to recapture the $20.00 mark.
Register your email here to get weekly price analysis updates sent to your inbox:
What do you believe is behind today’s sell-off? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards
Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.
PRESS RELEASE. BlackFort, a Layer-1 blockchain, launched its mainnet at the end of January 2023. After announcing on January 13, 2023, on its Twitter account that the mainnet was coming soon, BlackFort is now waiting for increasingly more crypto enthusiasts to join the community.
Bringing Innovation to a New Level
For BlackFort, innovation prevails. Therefore, the company has recently announced that its layer 1 blockchain mainnet has gone live. Chasing to provide and even redefine transparency, scalability, and speed, the company has developed a network that, since its launch, has already got close to 10,000 daily transactions.
Up until this moment, BlackFort has gathered over 60,000 delegators from over 180 countries, thus ensuring that the network is well-distributed.
With an average block time of 5 seconds, the BlackFort network has already reached over half a million validated blocks and more than 50,000 validated transactions. Also called BXN, the smartchain developed by BlackFort is POSA (Proof-of-Staked-Authority) driven. This way, BlackFort has ensured that it reduces energy consumption and eliminates the need for expensive and advanced hardware for validating blocks.
The main focus of BlackFort was and still is to provide a reliable and efficient platform for decentralization that makes itself remarkable thanks to its stability, scalability, and lowered energy consumption.
As a Layer 1 blockchain, a crypto project has to make sure that it provides good transaction speed, great scalability, as well as high security and efficiency. BlackFort, however, set its goals as high as it could to manage to deliver what it promised.
Thus, the company has made it in the top 10% of Certik audited crypto projects. Such an event is indeed an achievement for the company and assures crypto investors that not only is it safe to use BlackFort for their daily crypto-related activities but it is also recommended to do so.
An All-in-One Crypto Product
BlackFort has not only developed a layer 1 blockchain that has all the attributes needed for a top-tier network. Instead, the crypto company has also worked to develop a client-side Web 3 wallet app that comes up with surprisingly valuable features and will be launched soon.
The BlackFort wallet app was developed to focus on the client. Furthermore, the wallet provides remarkably high levels of security and privacy, also allowing users to store their digital assets offline and retain maximum safety.
With a user-friendly interface, the BlackFort wallet has a swap function that allows users to seamlessly exchange one cryptocurrency for another, offering investors a wide variety of digital assets to choose from.
About BlackFort
BlackFort is a crypto company launched in 2020. The team behind BlackFort has already built an incentivized community gathering tens of thousands of users around the 2 main products developed: a layer 1 blockchain and a client-side Web 3 wallet app.
The main things BlackFort focuses on are transparency, speed, and scalability. And this is why the company has worked hard to develop a blockchain that is EVM-compatible, fast, scalable, secure, and highly efficient.
These features make BlackFort an ideal platform for anyone looking to build a blockchain-based solution.
Learn More
If you want to learn more about the project and its products, check the BlackFort official website and follow the company on Twitter, LinkedIn, Facebook, Medium, YouTube, and Telegram.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
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SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale
Grayscale Investments' CEO explains that the U.S. Securities and Exchange Commission (SEC) could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund (ETF). SEC Approving Spot Bitcoin ETF Is 'a Matter of When and Not ... read more.
Source From : News