Great episode from @nic__carter and the former chairman of Silvergate Bank @MikeLempres. I spoke with Mike on Tuesday and the thing that stuck with me the most from our conversation is that the demise of Silvergate, which caused the debanking of 1700 customers and 500 employee jobs lost, really didn’t have to happen. The bank weathered the FTX contagion after losing more than 10B but was ultimately told its crypto-centric business model no longer aligned with the vision of regulators. We hear the term “regulated out of existence” sometimes used as an exaggeration but, in this case, it seems Silvergate really was.