"After a troubled few months, Silvergate has finally given up. In an announcement yesterday, the crypto industry’s principal banking provider said it would “wind down operations and voluntarily liquidate Silvergate Bank”. Despite the fact that the plan “includes full repayment of all deposits”, this blow demonstrates just how hard 2022 has been on CeFi, as well as the shock and awe tactics of the US’ ongoing regulatory assault. Silvergate finally succumbed after a week of uncertainty which began with the bank’s notifiication that it would be late on filing its annual report to the SEC."