Silvergate will pay $63 million to settle with the U.S. SEC, the Federal Reserve, and California regulators

According to CoinDesk, crypto-friendly bank Silvergate Bank's parent company Silvergate Capital Corp. has agreed to pay $63 million to settle with the U.S. SEC, the Federal Reserve, and the California Department of Financial Protection and Innovation (DFPI).

It is reported that Silvergate was fined $43 million by the Federal Reserve and $20 million by California regulators. The SEC also imposed a $50 million fine, but it is expected that the total fines will not increase. The settlement agreement is still subject to court approval.