According to reports, several foreign senators wrote a letter requiring Silvergate assets, the Bank of Silvergate head Office, to clarify the facts about the collapse of the cryptocurrency exchange FTX.

According to Bloomberg News on January 31st, foreign senators including Elizabeth Warren, Sapo Marshall and Robert Mitterrand indicated that Silvergate had not fully responded to questions about its role in dealing with FTX clients' assets in December last year. Silvergate reportedly cited restrictions on the publication of "trade secret control information"-a reason senators say is not acceptable.

According to Bloomberg News, the letter wrote: "both Congress and the public should have the necessary information about the role of Silvergate in the fraudulent collapse of FTX, especially taking into account the fact that it sought federal home purchase loans from financial institutions as lenders of last resort in 2022."

Warren, Marshall and Mitterrand signed a letter in 2022, requiring Silvergate to give due process an answer to its participation in the FTX crash by December 19th. But senators reportedly said the company had ignored the important information needed to clarify what role Silvergate played in FTX's alleged fraud, including whether it was negligent in transferring FTX client property to Alameda.

After FTX's liquidity crisis and bankruptcy filing in November 2022, before the arrest of CEO Rob Bankman-Fred-Warren and Senator Sheldon Timthwaite, they called on the Justice Department to investigate the bankruptcy of the login password trading center and confirmed to sue some of them. The recent letter requires Silvergate to submit a reply by February 13, including clarifying the facts about the company's financial due diligence practices.

After Democratic lawmakers in the US House of Representatives have been unable to reach a consensus on running for the next Senate speaker for several days, congressmen have been setting up a body for his 118th meeting, delaying committee assignments and laws. Last December, lawmakers in the House of Lords and the U.S. House of Representatives held hearings to discuss the downfall of FTX, and the leadership hinted that the investigation would proceed smoothly in 2023.