According to Cointelegraph, former crypto-friendly bank SilvergateBank would probably have weathered the storm had it not been for the voluntary liquidation forced by U.S. regulators, according to CastleIslandVentures partner NicCarter, who believes this is an attempt by the Biden administration to "cut off" the cryptocurrency industry. "I believe Silvergate could have weathered the withdrawal and is moving in that direction," Mr. Carter wrote on September 25, citing Silvergate's recent bankruptcy filings and inside information that the Biden administration had asked the bank to cap crypto deposits at 15 per cent or face closure.