Unchained Did Washington Crush Crypto’s Most Important Bank? Its Former Chairman Says Yes. - Ep. 780
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Feb 7, 2025 
Mike Lempres, former chairman of Silvergate Bank and experienced lawyer, reveals the dramatic journey of crypto's critical banking partner. He discusses how Silvergate grew by supporting major players, only to be upended after the FTX collapse. Lempres argues that political pressures in D.C. fueled their downfall, not regulatory issues. He delves into the implications of Operation Choke Point 2.0, suggests collusion between short sellers and politicians, and envisions a future for banks willing to embrace the crypto landscape.
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Mike Lempres's Path to Crypto
- Mike Lempres's experience in banking and law led him to crypto while at Silicon Valley Bank.
- He later joined Coinbase and A16Z Crypto, working with prominent DeFi companies.
Crypto Banking Challenges
- Crypto companies faced banking challenges due to regulatory uncertainty and risk aversion from banks.
- Debanking was common, often due to companies not disclosing their crypto involvement.
Silvergate's Crypto Focus
- Silvergate Bank, initially a commercial real estate lender, saw an opportunity in the underserved crypto market in 2013.
- Their growth accelerated with the 2016 launch of the Silvergate Exchange Network (SEN), enabling 24/7 instant settlements.