Why Silvergate Capital Stock Jumped 6.5% Today

Shares of Silvergate Capital (NYSE: SI) rose as much as 6.9% on Wednesday, due to a rosy review from analysts at Morgan Stanley. The stock closed the trading session with a 6.5% gain.

The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency released a joint statement on Tuesday regarding accelerated reviews of policies for cryptocurrency assets. This so-called "policy sprint" statement is widely seen as a big step toward a more mature regulatory framework for trading and owning cryptocurrency assets.

The three agencies hope to complete a wide-ranging policy collection by the end of 2022. By then, investors and businesses should have more clarity on important issues such as digital-asset safekeeping, crypto-backed loans, and the issuance of new cryptocurrency coins.

Source Fool.com