SEC sues fallen crypto bank parent Silvergate and execs

The Securities and Exchange Commission on Monday sued the parent company of now-defunct crypto bank Silvergate, as well as its former executives, over Silvergate Exchange Network (SEN), its payment network. Why it matters: The suit has to do with some $1 trillion in banking transactions that occurred in 2021 and 2022, during which time Silvergate allegedly knowingly violated the Bank Secrecy Act and anti-money laundering rules. • The complaint names then-chief Alan Lane, former chief financial officer Tony Martino, and former chief risk officer Kate Fraher. • It also blames...