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Silvergate Capital Corp is a provider of various financial infrastructure solutions and services. Its solutions and service offerings include Silvergate Exchange Network, Cash Management Solutions and Deposit Account Services. Its customers include U.S. exchanges and global investors in the digital currency industry. The company also provides financial services that include commercial banking, business lending, commercial and residential real estate lending, and mortgage warehouse lending.

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SEC files lawsuit against Silvergate Bank for securities fraud, alleging misleading investors about compliance program amidst collapse of crypto exchange FTX. Former executives also named as defendants.

SEC Sues Silvergate Capital For Alleged Securities Fraud In Wake Of FTX Collapse

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Elon Musk has endorsed a proposal by billionaire investor Warren Buffett to tackle the U.S. deficit problem, an idea Buffett first suggested during a <a href="https://www.benzinga.com/personal-finance/24/04/38075083/buffett-suggests-radical-approach-to-end-u-s-deficit-in-5-minutes-but-it-involves-disqualifying-">live interview on CNBC in 2011</a>.
What Happened: Musk, the CEO of Tesla Inc, endorsed Buffett&#8217;s unconventional idea. Buffett&#8217;s proposal, shared by internet personality Mario Nawfal, involves making sitting members of Congress ineligible for re-election if the national deficit exceeds 3% of the GDP.
Musk endorsed Buffett&#8217;s proposal in a post on X, saying, &#8220;Great idea.&#8221; Buffett&#8217;s solution suggests that if the U.S. deficit exceeds 3% of GDP, all sitting members of Congress should be ineligible for re-election. &#8220;You just pass a law that says any time there&#8217;s a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election,&#8221; Buffett said.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Great idea <a href="https://t.co/oZkGgvbA8i">https://t.co/oZkGgvbA8i</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1810706658949009453?ref_src=twsrc%5Etfw">July 9, 2024</a></blockquote>
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Although Buffett delivered his statement with a <a href="https://www.benzinga.com/personal-finance/24/04/38075083/buffett-suggests-radical-approach-to-end-u-s-deficit-in-5-minutes-but-it-involves-disqualifying-">mix of jest and seriousness</a>, the underlying message resonated with many Americans: the urgent need for fiscal responsibility and the potential impact of aligning lawmakers&#8217; incentives with the country&#8217;s long-term financial health. 
However, Buffett acknowledged the inherent irony and challenge in his proposal – the very individuals who would need to enact such a law are the same ones who would jeopardize their careers by doing so, presenting a significant conflict of interest.
See Also: <a href="https://www.benzinga.com/personal-finance/24/07/39649862/cant-possibly-think-of-genes-i-would-prefer-more-elon-musk-father-of-12-swayed-his-neuralink-exe?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;Can&#8217;t Possibly Think of Genes I Would Prefer More&#8217; — Elon Musk, Father of 12, Swayed His Neuralink Executive To Have Kids With Him Over A Donor</a>
Why It Matters: The U.S. deficit has been a topic of concern for some time. Buffett&#8217;s proposal was seen as a radical approach to ending the U.S. deficit in 5 minutes by <a href="https://www.benzinga.com/personal-finance/24/04/38075083/buffett-suggests-radical-approach-to-end-u-s-deficit-in-5-minutes-but-it-involves-disqualifying-">disqualifying members of Congress based on the debt</a>. This idea, while delivered with a chuckle, carried an undeniable logic — by directly tying lawmakers&#8217; political futures to the nation&#8217;s fiscal health, they would have a powerful incentive to rein in spending and balance the budget.
However, the U.S. deficit has continued to be a cause for concern. In May, Musk <a href="https://www.benzinga.com/news/24/05/38628113/elon-musk-issues-stark-warning-amid-rising-national-debt-the-dollar-will-be-worth-nothing">issued a stark warning</a> about the future of the U.S. dollar amid the rising national debt, stating that &#8220;We need to do something about our national debt or the dollar will be worth nothing.&#8221;
Furthermore, in April, the International Monetary Fund deputy chief, Gita Gopinath, <a href="https://www.benzinga.com/general/macro-notification/24/04/38337484/is-the-us-national-debt-unsustainable-we-cant-have-a-deficit-of-7-of-the-gdp">raised concerns about the</a> United States&#8217; burgeoning public debt, emphasizing the urgency of reducing the federal deficit from its current 7% of GDP.
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/07/39667176/elon-musk-reacts-after-king-of-horror-says-its-time-for-biden-to-announce-he-will-not-run-for-re-ele?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Elon Musk Reacts After King Of Horror Says It&#8217;s Time For Biden &#8216;To Announce He Will Not Run For Re-Election&#8217;</a></li>
</ul>
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

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Elon Musk Backs Warren Buffett's Over-A-Decade-Old Unconventional Plan To Tackle US Deficit In 5 Minutes: 'Great Idea'

The cryptocurrency market recorded another day of gains Tuesday, as investors regained confidence following last week&#8217;s bloodshed.
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<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded 8:30 p.m. EDT)</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>+2.34%</td>
<td>$57,633.25</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+1.15%</td>
<td>$3,040.15</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td>+0.71%</td>
<td>$0.1072</td>
</tr>
</tbody>
</table>
</figure>
What Happened: Bitcoin spiked above $58,000 during trading hours, before sell-offs during the evening dragged it down to the $57,000 region.
Ethereum was rather choppy, as gains above $3,100 made early morning couldn't be sustained. The second-largest cryptocurrency consolidated in the 3,000s.
In the last 24 hours, about 33,787 traders were liquidated, with over $93 million in bets being wiped out. An almost equal number of long and short positions were liquidated.&nbsp;
Bitcoin's Open Interest surged 3% to $28.45 billion in the last 24 hours. An increase in OI, alongside an increase in price, signaled somewhat bullish sentiment.&nbsp;
The Cryptocurrency Fear &amp; Greed Index showed a reading of 28, indicating a high level of &#8220;Fear&#8221; in the market. Such levels were last seen in January 2023.&nbsp;
Top Gainers (24-Hours)
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<tbody>
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<td>Cryptocurrency</td>
<td>Gains +/-</td>
<td>Price (Recorded at 8:30 p.m. EDT)</td>
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<tr>
<td>Celestia (TIA)</td>
<td>+18.85%</td>
<td>$7.13</td>
</tr>
<tr>
<td>Sei (SEI)</td>
<td>+16.57%</td>
<td>$0.3328</td>
</tr>
<tr>
<td>Bittensor (TAO)</td>
<td>+10.34%</td>
<td>$253.52</td>
</tr>
</tbody>
</table>
</figure>
The global cryptocurrency market cap stands at $2.11 trillion, following a 1.66% increase in the last 24 hours.
Stocks ascended to new record highs Tuesday. The S&amp;P 500 gained 4.13 points, or 0.07%, to close at 5,576.98. The tech-focused Nasdaq Composite added 0.14% to register a record close at 18,429.29. The Dow Jones Industrial Average slipped 0.13% to 39,291.97.&nbsp;
Federal Reserve Chairman Jerome Powell stated Tuesday that a <a href="https://www.benzinga.com/markets/equities/24/07/39692638/powell-says-labor-market-strong-not-overheated-fed-chair-awaits-right-moment-to-cut-interest-rat">policy rate cut would not be "appropriate" until the Fed gains greater confidence</a> that inflation is heading sustainably toward 2%. "We need to see more good inflation data," Powell reiterated his previous stance. 
His remarks come ahead of important inflation numbers due to arrive later this week. The consumer price index is slated to be released Thursday, while the producer price index is due Friday.
See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>
Analyst Notes: Popular cryptocurrency analyst Rekt Capital noted that if the rally sustains and Bitcoin reclaims $60,600, last week's downside could be deemed a false breakout.&nbsp;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">On this recent rally, <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> has a chance to reclaim $60600 as support to confirm last week's extensive downside as a fake-breakdown Crucial days ahead<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>
&mdash; Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1810702801414054157?ref_src=twsrc%5Etfw">July 9, 2024</a></blockquote>
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Another widely followed trader, Justin Bennett stated that a retest of $60,000 would be likely if King Crypto rises to $58,400.
"What happens between $60,000 and $58,400 will determine whether Bitcoin sees $67,000 or $48,000 next," Bennett emphasized.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">If <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> can reclaim $58,400, a $60,000-$60,700 retest is likely. What happens between $60k and $58,400 will determine whether <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> sees $67k or $48k next. All eyes on US CPI and PPI this Thursday and Friday. <a href="https://t.co/trRto6OiNY">https://t.co/trRto6OiNY</a> <a href="https://t.co/cHC3pjenfc">pic.twitter.com/cHC3pjenfc</a>
&mdash; Justin Bennett (@JustinBennettFX) <a href="https://twitter.com/JustinBennettFX/status/1810769416327712781?ref_src=twsrc%5Etfw">July 9, 2024</a></blockquote>
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Photo by Avi Rozen on Shutterstock
Read Next:    
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39694210/these-are-the-top-5-richest-people-in-crypto">These Are The Top 5 Richest People In Crypto</a></li>
</ul>

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Bitcoin, Ethereum, Dogecoin Recover As Federal Reserve Chair Powell Says Rate Cut Not 'Appropriate' For Now: Analyst Says Last Week's Drop Could Be Termed Fake Breakdown If King Crypto Retakes $60K

In an interview with Quartz in 2017, Microsoft co-founder&nbsp;Bill Gates&nbsp;shared his <a href="https://www.benzinga.com/general/entertainment/24/05/38982130/bill-gates-shares-his-summer-favorites-5-must-read-books-and-shows-to-watch">reading habits and strategies</a> that enable him to read around 50 books in a year.
What Happened: Gates disclosed the four key habits he uses to <a href="https://www.benzinga.com/news/22/11/29865160/5-books-bill-gates-recommends-as-holiday-gifts-a-biography-sports-psychology-sci-fi-thriller-and-mor">optimize his reading efficiency</a>: Take notes, don&#8217;t start a book if you can&#8217;t finish, paper books over e-books, and block an hour at least.
He spoke about the significance of concentration while reading, particularly for non-fiction books. &#8220;When you&#8217;re reading you have&nbsp;to be careful that you&nbsp;are concentrating particularly if&nbsp;it&#8217;s a non-fiction book,&#8221; he stated.
Gates also pointed out that note-taking aids him in critical thinking about the content and in linking new information with his existing knowledge.
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/07/39654022/apple-approves-epic-games-marketplace-app-in-europe-amid-ongoing-feud?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Apple Approves Epic Games&#8217; Marketplace App In Europe Amid Ongoing Feud</a>
The Microsoft co-founder also confessed his struggle with long and complex books, using &#8220;Infinite Jest&#8221; as an example. Despite his interest in the author, David Foster Wallace, he shared his reluctance to start the book due to its length and complexity.
&#8220;If I disagree with the book, sometimes it takes a long time to read &#8230; It&#8217;s actually kind of frustrating &#8216;oh please say something I agree with so I can get through to the end of this book.'&#8221;
He also expressed his preference for reading in longer, uninterrupted sessions, rather than short intervals. &#8220;If&nbsp;you&#8217;re reading books like these,&nbsp;you&#8217;d want to be sitting&nbsp;down for an hour at&nbsp;a time.&#8221;
He added that shorter content like magazine articles or YouTube videos fit into smaller time slots.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
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<iframe loading="lazy" title="How Bill Gates reads books" width="500" height="281" src="https://www.youtube.com/embed/eTFy8RnUkoU?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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Why It Matters: Gates&#8217; reading habits provide insight into the mindset of a man who has dominated the Forbes list of the <a href="https://www.benzinga.com/personal-finance/24/07/39600675/bill-gates-was-the-worlds-richest-man-for-a-record-18-years-his-secret-to-success-saving-like-a-">world's wealthiest individuals</a> for 18 out of 23 years from 1995 to 2017. 
His ability to accumulate, maintain, and grow wealth over an extended period, despite market fluctuations and economic challenges, is well-documented.
Previously, it was reported that<a href="https://www.benzinga.com/real-estate/24/06/39228376/bill-gates-could-be-the-worlds-first-trillionaire-if-he-had-diamond-handed-his-microsoft-shares-hed"> Gates&#8217; financial success could have been</a> even greater if he had held onto his Microsoft shares. The tech mogul would be sitting on $1.47 trillion today, potentially making him the world&#8217;s first trillionaire.
At the time of writing, Gates&#8217;s total net worth was $159 billion, making him the eighth person on the Bloomberg Billionaires <a href="https://www.bloomberg.com/billionaires/">Index</a>.
Image via Shutterstock
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39654001/nvidia-gets-rare-downgrade-over-concerns-that-demand-is-normalizing-in-line-with-ex?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Nvidia Gets Rare Downgrade Over Concerns That Demand Is Normalizing &#8216;In Line With Expectations:&#8217; Stock &#8216;Getting Fully Valued&#8217;</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Tech

Bill Gates Uses These 4 Hacks To Go Through 50 Books A Year, But Discloses His One Reading Struggle: 'If I Disagree With The Book…'

Vice President Kamala Harris has accused former President Donald Trump of wanting to transform the United States&#8217; democratic system into a dictatorship.
What Happened: On Tuesday, Harris took to X to express her concerns about Trump&#8217;s alleged association with Project 2025. She claimed, &#8220;Donald Trump wants to turn our democracy into a dictatorship.&#8221; Her comments came amid a growing controversy surrounding Trump&#8217;s potential involvement with the project.
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Donald Trump wants to turn our democracy into a dictatorship. <a href="https://t.co/Zry9cqp97d">https://t.co/Zry9cqp97d</a>
&mdash; Kamala Harris (@KamalaHarris) <a href="https://twitter.com/KamalaHarris/status/1810802452268044761?ref_src=twsrc%5Etfw">July 9, 2024</a></blockquote>
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Harris shared a video of her campaigning in which she said that Trump&#8217;s advisors had created the 900-page &#8220;blueprint&#8221; in the form of Project 2025. 
She said that the project detailed cuts to social security, removing a $35 cap on insulin and called for the elimination of the Department of Education. She further said that Project 2025 would limit contraception access and would usher in a nationwide abortion ban.
See Also: <a href="https://www.benzinga.com/news/24/07/39656574/scaramucci-says-kamala-harris-will-likely-run-for-office-as-biden-may-not-finish-his-term-interestin?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Scaramucci Says Kamala Harris Will Likely Run For Office As Biden May Not Finish His Term: &#8216;Interesting &#8230; If The Orange Maniac known as Donald Trump Was Beaten By Her&#8217;.</a>
Why It Matters: Trump has publicly <a href="https://www.benzinga.com/news/24/07/39654177/trump-distances-himself-from-project-2025-amid-rising-controversy-i-know-nothing">distanced himself</a> from Project 2025, an initiative led by the Heritage Foundation, a conservative think tank. Despite this, Democrats, including President Joe Biden, have criticized the project and <a href="https://www.benzinga.com/24/07/39658339/trump-is-lying-about-project-2025-says-joe-biden-its-his-people-and-his-plan-and-it-will-destroy-ame">accused Trump of dishonesty</a> regarding his involvement.
The controversy around Project 2025 has intensified in recent days. Trump&#8217;s denial of any association with the project has been met with skepticism from several quarters, including former Mike Pence staffer Olivia Troye. She dismissed Trump&#8217;s <a href="https://www.benzinga.com/news/24/07/39657905/former-mike-pence-staffer-dismisses-trumps-attempts-to-distance-himself-from-project-2025-prepostero">claims of unawareness</a> about the project as &#8220;preposterous.&#8221;
These allegations come at a time when the Democratic Party is grappling with uncertainty over their candidate for the 2024 presidential election. Some polls suggest that Harris may have a <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39651791/kamala-harris-trumps-biden-in-2024-election-odds-leads-her-boss-in-3-of-6-swing-states">better chance</a> than Biden at defeating Trump.
Photo by Sheila Fitzgerald on Shutterstock
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/07/39689367/biden-vs-trump-new-polls-by-democratic-pollsters-show-incumbent-faces-uphill-task-flag-this-combo-ti?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Vs. Trump: New Polls By Democratic Pollsters Show Incumbent Faces Uphill Task, Flag This Combo Ticket As Best Option For Dems</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Politics

General

'Donald Trump Wants To Turn Our Democracy Into A Dictatorship,' Says Kamala Harris On Project 2025

Amid concerns about his health and political future, President Joe Biden has taken a strong stand at the NATO summit in Washington, emphasizing unity against Russia&#8217;s aggression in Ukraine and reaffirming America&#8217;s commitment to the alliance.
What Happened: As per an <a href="https://apnews.com/article/biden-trump-nato-election-a6521773d23bd79637590fdb6526b57c">AP report</a> on Tuesday, Biden&#8217;s message was aimed at reassuring international allies as well as his own Democratic supporters, who have been expressing concerns about his health and reelection prospects.
Biden has been under pressure to demonstrate his readiness for reelection following a <a href="https://www.benzinga.com/news/24/06/39563725/biden-widely-criticized-over-debate-performance-but-poll-also-points-to-concerning-signs-for-trump">shaky debate performance</a> against Donald Trump. The NATO summit provided him with another platform to showcase his leadership capabilities.
Despite facing political challenges at home, Biden announced significant steps the U.S. and other NATO countries are taking to bolster Ukraine&#8217;s air defenses. The U.S., Germany, and Romania will donate additional Patriot batteries, while other allies will provide further support.
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39655239/trump-accuser-stormy-daniels-says-ex-presidents-supporters-have-flooded-her-with-threats-since-h?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Accuser Stormy Daniels Says Ex-President&#8217;s Supporters Have Flooded Her With Threats Since His Conviction: &#8216;I&#8217;ve Lost &#8230; Mostly My Peace&#8217;</a>
Why It Matters: This summit comes at a crucial time when Ukraine is seeking to boost allied support in its war against Russia. Ukrainian President Volodymyr Zelenskyy <a href="https://www.benzinga.com/news/24/07/39700167/zelenskyy-lands-in-washington-as-nato-summit-puts-ukraine-aid-first">arrived in Washington, D.C.</a>, as the summit got underway, with long-term support for Ukraine topping the agenda.
Previously, Russia had launched its largest missile attack on Ukraine in months, hitting a children&#8217;s hospital in Kyiv and other sites, causing significant casualties. <a href="https://www.benzinga.com/news/24/07/39673768/russia-rains-missiles-on-ukraine-as-nato-readies-to-discuss-military-aid">According to Ukrainian officials</a>, the early-morning attack consisted of more than 40 missiles aimed at at least five cities across Ukraine.
In response to these attacks, Biden condemned Russia&#8217;s actions and pledged unwavering support for Ukraine. <a href="https://www.benzinga.com/news/24/07/39678547/biden-slams-russian-missile-strikes-on-ukraines-largest-childrens-hospital-horrific-reminder-of-russ">In a statement from the White House</a>, President Biden termed these actions as a "horrific reminder of Russia's brutality."
As the NATO summit continues, Biden will have the opportunity to further demonstrate his leadership and stamina through formal meetings, long diplomatic dinners, and a summit-ending press conference.
Image via Shutterstock
Read Next: 
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<li><a href="https://www.benzinga.com/news/24/07/39657594/biden-vs-trump-matchup-shows-president-now-trails-by-smallest-margin-in-key-swing-states-poll-finds?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Vs. Trump Matchup Shows President Now Trails By Smallest Margin In Key Swing States, Poll Finds Democrats Have Best Chance With This Candidate</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

Biden Takes On NATO Challenge Amid Candidacy Uncertainty: Can The Summit Redeem His Debate Stumbles?

Nikki Haley, an erstwhile presidential candidate, has expressed her views on the upcoming Republican nominating convention. She has questioned the competence of current President Joe Biden and Vice President Kamala Harris, while endorsing Donald Trump for the presidency in a post on X.
What Happened: Haley stated, &#8220;Joe Biden is not competent to serve a second term and Kamala Harris would be a disaster for America. We need a president who will hold our enemies to account, secure our border, cut our debt, and get our economy back on track.&#8221;
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The nominating convention is a time for Republican unity. Joe Biden is not competent to serve a second term and Kamala Harris would be a disaster for America. We need a president who will hold our enemies to account, secure our border, cut our debt, and get our economy back on…
&mdash; Nikki Haley (@NikkiHaley) <a href="https://twitter.com/NikkiHaley/status/1810803750908613015?ref_src=twsrc%5Etfw">July 9, 2024</a></blockquote>
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The former ambassador to the United Nations released her 97 delegates from 12 states and urged them to support Trump for the Republican nomination at the upcoming Republican National Convention in Milwaukee. Despite her support, Haley was not invited to the convention, <a href="https://www.politico.com/news/2024/07/09/nikki-haley-delegates-convention-trump-00167093">reported</a> Politico.
See Also: <a href="https://www.benzinga.com/markets/equities/24/07/39655239/trump-accuser-stormy-daniels-says-ex-presidents-supporters-have-flooded-her-with-threats-since-h?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Accuser Stormy Daniels Says Ex-President&#8217;s Supporters Have Flooded Her With Threats Since His Conviction: &#8216;I&#8217;ve Lost &#8230; Mostly My Peace&#8217;</a>
Why It Matters: Haley&#8217;s comments come amidst a challenging time for Biden. Recent <a href="https://www.benzinga.com/news/24/07/39689367/biden-vs-trump-new-polls-by-democratic-pollsters-show-incumbent-faces-uphill-task-flag-this-combo-ti">polls</a> show Biden trailing his rival, Trump, in all six swing states surveyed. This follows Haley&#8217;s previous <a href="https://www.benzinga.com/news/24/07/39611028/nikki-haley-reminds-george-stephanopoulos-of-her-prophecy-that-joe-biden-isnt-going-to-finish-his-te">prediction</a> last year that Biden might not complete his term.
Earlier, Haley had also <a href="https://www.benzinga.com/news/24/06/39565748/haley-advises-trump-to-prepare-for-younger-rival-in-light-of-bidens-debate-theyre-going-to-bring-som">advised</a> Trump to prepare for a younger Democratic rival, suggesting that the Democrats might field a younger, vibrant, and tested candidate in response to Biden&#8217;s debate performance.
Her recent tweet indicates her support for Trump in the upcoming convention in Milwaukee, urging her delegates to back him.

Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/07/39657594/biden-vs-trump-matchup-shows-president-now-trails-by-smallest-margin-in-key-swing-states-poll-finds?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Biden Vs. Trump Matchup Shows President Now Trails By Smallest Margin In Key Swing States, Poll Finds Democrats Have Best Chance With This Candidate</a></li>
</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

'Biden Is Not Competent To Serve A Second Term And Kamala Harris Would Be A Disaster For America,' Says Nikki Haley As She Encourages Her Delegates To Back Trump

FRES

Trading Halt: Halted at 7:50:00 p.m. ET - Trading Halt: Halt News Pending

HOOK

Since the first presidential debate, much of the political conversation has been on whether President Joe Biden would step down from the <a href="https://www.benzinga.com/topic/2024-election">2024 presidential election.</a>
The conversation could quickly turn toward former President Donald Trump's campaign with a long-awaited vice president pick coming any day.
What Happened: Betting odds show Trump as <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39651791/kamala-harris-trumps-biden-in-2024-election-odds-leads-her-boss-in-3-of-6-swing-states">the heavy favorite</a> to win the 2024 presidential election.
While many voters may be selecting Trump based on his political affiliation, past history running the country or as their preferred candidate over Biden, other voters may be looking forward to hearing who his vice president pick will be.
"It could happen any time this week," Trump adviser Jason Miller said of the vice president pick, as <a href="https://abcnews.go.com/Politics/trumps-vp-announcement-monday-adviser/story?id=111745435">shared </a>by ABC News.
Miller made the comments Monday during an appearance on Fox &amp; Friends.
"By this time next Monday, we will know who President Trump has selected as his running mate for the 2024 election," Miller said.
The announcement will come as the Republican National Convention kicks off next Monday and was seen as a key date in publicly showing off the new candidate.
Miller would not share specifics on who the battle came down to for vice president, but said that Trump was considering potential running mates other than Marco Rubio, J.D. Vance and Doug Burgum, who are considered by many to be the frontrunners.
Last month, Trump said he had made up his mind on who his running mate would be and was ready to share the news soon.
"Right around the convention, maybe a little before," Trump said while campaigning last month.
Trump's pick is expected to be at a fundraiser next week during the Republican National Committee and make appearances during the key political event.
Several potential names on the shortlist have said they have not been contacted by Trump to be the vice president, including Vance and Rubio.
Candidates who received vetting requests from Trump's campaign previously include Burgum, Rubio, Vance, Tim Scott, Byron Donalds, Elise Stefanik and Ben Carson.
Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/38739470/trumps-next-vice-president-doug-burgum-could-go-from-1-republican-voter-support-to-white-h">Trump&#8217;s Next Vice President? Doug Burgum Could Go From 1% Republican Voter Support To White House</a>
Betting Odds Shift: With news that a vice president for Trump could be announced soon, prediction markets remain hot on making wagers on who will be selected.
Calling itself the world's largest prediction market, Polymarket offers betting on items in categories such as politics, sports, cryptocurrency, pop culture and more.
On Polymarket, users deposit to Polygon (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/matic/usd">MATIC</a>) using USDC (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) and can deposit with Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>). Winning wagers cash out at $1.
Here are the current betting <a href="https://polymarket.com/event/republican-vp-nominee?tid=1720560363530">odds </a>for Trump's vice president picks as of July 9, with the odds from<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39211388/donald-trump-vets-vice-presidential-candidates-gops-top-contenders-betting-odds"> June and May</a> in parentheses:
Other Man: 38% (17% June, 20% May)
J.D. Vance: 27% (17% June, 13% May)
Marco Rubio: 14% (11% June, 9% May)
Ben Carson: 8% (8% June, 4% May)
Vivek Ramaswamy: 6% (5% June, 1% May)
Tim Scott: 5% (25% June, 19% May)
Other Woman: 4% (6% June, 8% May)
Sarah Huckabee Sanders: 3% (7% June, 2% May)
Elise Stefanik: 2% (5% June, 5% May)
The Other Man category continues to lead the way in the race and includes North Dakota Gov. Doug Burgum and other candidates who weren't listed in the Polymarket initial odds. The prediction market for Trump's vice president has surpassed $66.6 million, up from $31 million last month.
Vance <a href="https://x.com/Polymarket/status/1810336877855076391">surged </a>in the market and on Monday even briefly became the betting favorite at 31%.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/05/38780518/potential-trump-vp-contender-jd-vance-ready-to-accept-2024-election-results-as-long-as-they-are-free">Potential Trump VP Contender JD Vance Ready To Accept 2024 Election Results As Long As They Are &#8216;Free And Fair&#8217;</a></li>
</ul>

Photo: Shutterstock

$MATIC

$USDC

MATIC

Trump Vice President Pick Coming 'Any Time': Betting Odds Show New Favorite Emerging

Serial entrepreneur and investor Gary Vaynerchuk (aka Gary Vee) was an early investor in companies like Facebook, Twitter, Tumblr, Snap and Venmo. Vee was also an early investor in Uber, before the company completed a highly anticipated <a href="https://www.benzinga.com/general/education/20/05/15947550/one-year-since-ubers-ipo-a-look-at-the-stocks-bumpy-ride">IPO in May 2019.</a>
What Happened: Ride-share company Uber Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) is a leader in the sector that didn't exist decades ago. The company's May 2019 IPO was one of the <a href="https://www.benzinga.com/startups/23/05/32327831/how-ubers-earliest-investors-cashed-in-on-a-1-700-000-gain-on-ipo-day">largest at the time.</a>
Investors who bought into Uber before the company went public could be up on their investment
Vee invested in the company early, but not as early as he wished.
"One of the greatest mistakes of my investing career was passing on investing in Uber in the angel round twice," Vee recently said on his <a href="https://www.facebook.com/story.php?story_fbid=1054326089395092&amp;id=100044531315333&amp;mibextid=oFDknk&amp;rdid=H6bfQ9GE6bOvfvuE">Facebook account.</a>
Vee recalled being in the "room where Uber was invented," but passing on investing in the company early on two different occasions.
The entrepreneur was friends with Uber co-founders Travis Kalanick and Garrett Camp and recalled being in a room with Camp after giving a speech at LeWeb.
"Wouldn't it be cool if on your phone there was an app and you could order a limousine that would pick you up right away," Vee <a href="https://www.facebook.com/watch/?v=279838819637345">recalled </a>Camp said in a backstage room to a few people.
Vee said his first thought was this sounded like a rich person's problem. Months later Vee ran into Camp and was told that the concept had been created and was called Uber Cab.
Uber co-founders Camp and Kalanick hired a CEO and outsourced the building of the company's app while they worked on other projects.
"The biggest reason I didn't invest is because it was a side project."
While Vee didn't invest in the angel rounds, he later invested in Uber before the company went public.
"Part of the reason I invested in the next round was because my brother AJ took the first Uber ride in New York City when the founder of Uber came and asked us to test it."
It was at this moment, Vee learned the importance of what Uber was as a company.
"That was the moment I realized, Uber doesn't sell transportation, Uber sells time."
Vee said Uber provides an app that is seamless and less friction than other transportation methods.
"The number one emerging thing in society in value is time … people value time over everything."
Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39076022/veecon-2024-speakers-announced-x-ceo-linda-yaccarino-content-creator-khaby-lame-gary-vee-a">VeeCon 2024 Speakers Announced: X CEO Linda Yaccarino, Content Creator Khaby Lame, Gary Vee Among Special Guests To Appear At Festival That Combines Business, Pop Culture, Web3</a>
 Why It's Important: Uber raised $8.1 billion in their 2019 IPO with shares priced at $45 each.
Vee previously recalled that if he had invested his normal $25,000 to $50,000 angel round check in Uber when he had the early chance, the investment would be worth $500 million to $800 million at the time of the IPO.
Here's a look at how Uber stock has performed since going public, with a <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent070924&amp;t=be2bearmibe3na1">Benzinga Pro chart.</a>
<figure class="wp-block-image size-full"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent070924&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="993" height="509" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/09172212/Screenshot-41.png" alt="" class="wp-image-427356" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/09172212/Screenshot-41.png 993w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/09172212/Screenshot-41-300x154.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/09172212/Screenshot-41-768x394.png 768w" sizes="(max-width: 993px) 100vw, 993px" /></a></figure>
While he missed out on the early fortune from Uber, Vee has had several success stories with early investments and the companies he has founded. Vee has also utilized the missed opportunity as a learning lesson.
"I regret not investing in the company, but I'm also glad the market punched me in the face," Vee said, as shared by <a href="https://www.cnbc.com/2019/06/28/gary-vaynerchuk-i-didnt-invest-in-uber-and-5-other-biggest-millionaires-money-regrets.html">CNBC</a>. "I deserved it — and I'm even more driven now because of it. That's why I grab every opportunity I can."
Vee also <a href="https://garyvaynerchuk.com/uber-airbnb-never-should-have-happened-the-way-they-did/">shared </a>in 2016 that Uber was a company which shouldn't have happened the way it did, but is an important lesson for entrepreneurs and business leaders.
"Everything from calculating your tip to ordering on-demand cars is now at scale — at our fingertips — and the market has taken hold of that notion. When these technological shifts happen, too many businesses get left in the dust because they're too comfortable with their current successes."
At the time, Vee said he wakes up every morning and thinks about how he could put himself out of business, focusing on how other businesses could disrupt his financials.
"By thinking about what they could do, I can do it myself and innovate my business." &nbsp;
Vee said the Uber co-founders put most taxi cabs out of business and Airbnb co-founders Brian Chesky and Joe Gebbia was able to compete with hotel chains like Hilton.
"They innovated where their traditional rivals didn't. They were innovators that saw the white space in the evolving internet marketplace."
Read Next: 
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<li><a href="https://www.benzinga.com/news/23/04/31758131/gary-vee-warns-ai-and-chatgpt-could-take-jobs-why-he-thinks-thats-okay-and-how-its-similar-to-tracto">Gary Vee Warns AI And ChatGPT Could Take Jobs, Why He Thinks That&#8217;s Okay And How It&#8217;s Similar To Tractors</a></li>
</ul>

Photo: Vaynor Media, public domain

Education

Financing

UBER

Gary Vee Calls Not Investing In Uber Angel Round One Of His 'Greatest Mistakes': 'People Value Time Over Everything'

Guidance

Solaris Expects Q2 Revenue To Be $70M - $75M (Est $62.65M) And Adjusted EBITDA To Be $20M - $21M

Ukrainian President Volodymyr Zelenskyy arrived in Washington, D.C., as the North Atlantic Treaty Organization (NATO) summit got underway with providing long-term support for Ukraine in the<a href="https://www.benzinga.com/news/24/07/39678547/biden-slams-russian-missile-strikes-on-ukraines-largest-childrens-hospital-horrific-reminder-of-russ"> war against Russia </a>topping the agenda.
The Ukrainian leader will seek to shore up and boost allied support for&nbsp;his country, meet with President Joe Biden and deliver a major speech on the sidelines of the summit, CNN <a href="https://www.cnn.com/2024/07/09/politics/zelensky-ukraine-nato-summit/index.html">reported</a>. The U.S. promised "significant" announcements&nbsp;on&nbsp;Ukraine during the three-day global gathering&nbsp;that began Tuesday.
The country will fight for "decisive actions" from the U.S. and Europe at the summit, Zelenskyy said Tuesday in his first remarks since arriving in the U.S. capital.
Zelenskyy said Ukraine will ask for more air defense systems, F-16 jets and additional security guarantees, "including weapons and finances, political support," according to CNN.
Also Read: <a href="https://www.benzinga.com/news/24/06/39458304/man-behind-ukraines-naval-operations-reveals-how-drones-frightened-russian-fleet-in-black-sea-battle">Man Behind Ukraine&#8217;s Naval Operations Reveals How Drones &#8216;Frightened&#8217; Russian Fleet In Black Sea Battle</a>
Zelenskyy arrived in Washington on Monday evening, the same day that Russia released a barrage of missiles on Ukraine that destroyed numerous buildings throughout the country, including Ukraine&#8217;s <a href="https://www.benzinga.com/news/24/07/39673768/russia-rains-missiles-on-ukraine-as-nato-readies-to-discuss-military-aid">largest children&#8217;s hospital</a>, and killed three dozen people.
Ukrainian officials said the timing of Moscow's assault — a day before the start of the summit — was calculated, CNN reported. It was "a hello from Putin to all the NATO countries … making fun of us trying to follow red lines," as Ruslan&nbsp;Stefanchuk, the chair of Ukraine's parliament, said.
They also said the attack underscored the need for continued military support for Ukraine — and the ability to use those weapons to strike targets deep inside Russian territory.
Price Action:&nbsp;U.S. missile manufacturers that have supplied munitions to Ukraine gave mixed reactions on Tuesday.&nbsp;Northrup Grumman Corp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOC#NYSE">NOC</a>) declined 1.52% to close at $423.73, while&nbsp;RTX Corp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RTX#NYSE">RTX</a>) ticked up 1.01% to $101.01.&nbsp;Lockheed Martin Corp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LMT#NYSE">LMT</a>) slipped 0.32% to $460.30.
Aerospace and defense exchange-traded funds remained relatively flat on Tuesday.&nbsp;iShares U.S. Aerospace &amp; Defense ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITA#BATS">ITA</a>) slipped 0.32% to $132.81 and&nbsp;Invesco Aerospace &amp; Defense&nbsp;ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PPA#NYSE">PPA</a>)&nbsp;slipped 0.38% to $102.85.&nbsp;SPDR S&amp;P Aerospace &amp; Defense ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XAR#NYSE">XAR</a>)&nbsp;declined 0.66% to $140.72.
Read Now:
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<li><a href="https://www.benzinga.com/news/24/06/39322621/biden-zelenskyy-strengthen-ties-with-new-security-agreement-at-g7-summit">Biden, Zelenskyy Strengthen Ties With New Security Agreement At G7 Summit</a></li>
</ul>
Photo: Shutterstock

Global

ETFs

iShares Dow Jones US Aerospace & Defense Index Fund

Zelenskyy Lands In Washington As NATO Summit Puts Ukraine Aid First

Concurrent with the closing of Mobile Energy Rentalstransaction, Solaris Oilfield Infrastructure, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOI#NYSE">SOI</a>) intends to rename the Company Solaris Energy Infrastructure, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEI#NYSE">SEI</a>).

Solaris Oilfield Infrastructure Intends To Rename Solaris Energy Infrastructure, Inc.

Tigress Financial analyst Ivan Feinseth maintains Booking Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>) with a Strong Buy and raises the price target from $4285 to $4580.

Price Target

Analyst Ratings

BKNG

Tigress Financial Maintains Strong Buy on Booking Holdings, Raises Price Target to $4580

MER is a premier provider of distributed power solutions serving the energy and commercial &amp; industrial (&quot;C&amp;I&quot;) end-markets.
&nbsp;Transaction consideration includes&nbsp;$60 million&nbsp;of cash and the issuance of approximately 16.5 million shares of Solaris Class B common stock to MER&#39;s founders and management team, who will join Solaris post-closing

Solaris Oilfield Infrastructure Agrees To Acquire Mobile Energy Rentals LLC For $200M

UBS analyst Joshua Raskin maintains Westlake (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WLK#NYSE">WLK</a>) with a Neutral and lowers the price target from $172 to $160.

UBS Maintains Neutral on Westlake, Lowers Price Target to $160

UBS analyst Joshua Spector maintains Tronox Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TROX#NYSE">TROX</a>) with a Neutral and lowers the price target from $19 to $18.

TROX

UBS Maintains Neutral on Tronox Holdings, Lowers Price Target to $18

UBS analyst Damian Karas maintains SiteOne Landscape Supply (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SITE#NYSE">SITE</a>) with a Buy and lowers the price target from $190 to $185.

SITE

UBS Maintains Buy on SiteOne Landscape Supply, Lowers Price Target to $185

UBS analyst Joshua Spector maintains Sherwin-Williams (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHW#NYSE">SHW</a>) with a Buy and lowers the price target from $385 to $355.

UBS Maintains Buy on Sherwin-Williams, Lowers Price Target to $355

Riot Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>) has outperformed the market over the past 5 years by 19.89% on an annualized basis producing an average annual return of 32.96%. Currently, Riot Platforms has a market capitalization of $2.64 billion. 
Buying $100 In RIOT: If an investor had bought $100 of RIOT stock 5 years ago, it would be worth $404.42 today based on a price of $9.15 for RIOT at the time of writing.
<h3>Riot Platforms's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1720560632_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

RIOT

If You Invested $100 In This Stock 5 Years Ago, You Would Have $400 Today

Silvergate Capital CEO to depart in next phase of crypto bank's wind-down

O'Keefe Stevens Advisory Q4 2023 Investor Letter

The TipRanks All-Star Analyst of the Day title goes to&nbsp;Joseph Vafi of research firm Canaccord Genuity. Remarkably, Vafi ranks #191 out of the ...

TipRanks' All-Star Analyst – Who is the Best on MSTR Stock?

Silvergate Capital and execs charged by SEC for "negligence-based fraud"

Bitcoin drops 6.5% on weekly basis as Mt.Gox starts repayments

Bitcoin drops 6.5% on a weekly basis as Mt.Gox starts repayments

CLSK

COIN

DFIN

HOOD

ICLTF

MARA

MSTR

NVDA

SICPL

TSLA

Silvergate Capital

The Securities and Exchange Commission (SEC) has initiated a lawsuit against Silvergate Capital Corp. (OTCPK: SICP), a California-based bank significantly impacted by the downfall of <a href="https://www.benzinga.com/crypto">the cryptocurrency exchange FTX.</a>



The lawsuit, which was filed in federal court in Manhattan, alleges &#8220;securities fraud&#8221; as indicated in a docket entry on Monday. This entry also lists several former Silvergate executives as defendants, although further specifics of the case were not disclosed, according to a <a href="https://www.bloomberg.com/news/articles/2024-07-01/sec-sues-silvergate-bank-for-securities-fraud-in-federal-court?srnd=homepage-americas&amp;sref=TBDibEcD">Bloomberg report. </a>



Silvergate, established in 1988, ventured into the cryptocurrency industry in 2013, distinguishing itself as one of the few traditional banks to serve the emerging digital asset sector.



The bank was recognized for its payment system that converted U.S. dollar deposits into digital assets for investors and digital asset companies. However, Silvergate became deeply entangled in the crypto sector&#8217;s decline during late 2022 and 2023.



The SEC's complaint alleges that between November 2022 and January 2023, Silvergate, along with Lane and Fraher, deceived investors by claiming that Silvergate had a robust Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program and actively monitored its high-risk crypto clients, including FTX, to counter public speculation that FTX had used its Silvergate accounts for misconduct.



The SEC also filed suit against former CEO Alan Lane, former COO Kathleen Fraher, and former CFO Antonio Martino.



&#8220;Silvergate's automated transaction monitoring system failed to monitor more than $1 trillion of transactions by its customers on the bank's payments platform, the Silvergate Exchange Network,&#8221; the SEC stated Monday.



&#8220;At all times, but especially during moments of crisis, public companies and their officers must speak truthfully to the investing public,&#8221; said Gurbir S. Grewal, director of the SEC's Division of Enforcement.



Grewal alleged that Silvergate, along with Lane and Fraher, not only failed but did so fraudulently in this duty. Instead of revealing serious flaws in their compliance programs following the collapse of FTX, one of Silvergate's major clients, they misled investors, resulting in the failure to detect nearly $9 billion in suspicious transfers, eventually causing Silvergate's stock to plummet and erasing billions in market value.



On Jan. 5, 2023, Silvergate revealed that the collapse of its client, FTX, had triggered a run on Silvergate Bank, resulting in a deposit decline of $8.1 billion, or over 68%, in the three months ending December 2022.



After failing to meet customer withdrawal demands, Silvergate announced in March 2023 its intention to wind down operations and liquidate, becoming one of the initial casualties in the 2023 US banking crisis.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39582074/bitcoin-miners-done-selling-63k-could-cause-miner-stocks-to-explode-higher-says-investor">Bitcoin Miners Done Selling, $63K Could Cause Miner Stocks To &#8216;Explode Higher,&#8217; Says Investor</a></li>
</ul>



Photo: Shutterstock

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Silvergate Capital

News

Latest news for Silvergate Capital (OTC:SICP) Stock

Monday, July 01, 2024