Timeline of Events

June 2020

OCC “Key Letter” clarifies banks’ authority for cryptocurrency custody but warns of “reputational risk.”

November 2021

Interpretive Letter 1179 reaffirms crypto custody services are permissible but flags exam scrutiny, leading some applicants to withdraw.

Late 2022

FOIA letters via Coinbase reveal FDIC’s informal pressure on ~20 banks to pause crypto services.

January 12, 2023

Joint Statement on Crypto-Asset Risks warns banks of volatility, liquidity, and reputational issues.

Mid‑January 2023

FFIEC Roadmap instructs examiners to treat crypto services as high risk, spurring banks to halt new crypto accounts.

March 8, 2023

Silvergate Bank opts for voluntary liquidation, citing regulatory mandates to cap crypto deposits at 15%.

March 10, 2023

SVB collapses amid deposit run; analysts suggest regulators’ crypto stance deterred rescue bids.

March 12, 2023

Signature seized by NYDFS and FDIC—fueling “choke point” theories; FDIC cites “poor management.”

February 6, 2025

House OCP 2.0 hearing details FDIC’s off-the-record pressure tactics on banks.

April 15, 2025

Wayne Vaughan on X backs Nic Carter’s claim that regulators “forced a collapse” at Signature.

April 18, 2025

Pirate Wires Part V charts the four-day chain of events culminating in Signature’s collapse.

All entries are sourced from official reports, FOIA letters, congressional hearings, and investigative journalism. See Resources for citations.