0000000000-18-031758.txt : 20191206 0000000000-18-031758.hdr.sgml : 20191206 20181010103311 ACCESSION NUMBER: 0000000000-18-031758 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20181010 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: Silvergate Capital Corp CENTRAL INDEX KEY: 0001312109 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: 4250 EXECUTIVE SQUARE STE 300 CITY: LA JOLLA STATE: CA ZIP: 92037 BUSINESS PHONE: (858) 362-6300 MAIL ADDRESS: STREET 1: 4250 EXECUTIVE SQUARE STE 300 CITY: LA JOLLA STATE: CA ZIP: 92037 LETTER 1 filename1.pdf begin 644 filename1 M)5!$1BTQ+C4*)>+CS],*,2 P(&]B:@H\/"]4>7!E+UA/8FIE8W0O0V]L;W)3 M<&%C92]$979I8V5',Z%$;3 BU,"VEA6J % M6J %6J %6J %6J %6O ]*WOEK(,D*\X#9H:[]P]6<&19EAU+^GP>RR(B(B(B M(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B(B+_-A\?'^_O[V]O;Z^OKR\' MGI^?GP[$AY="%(AB43AV^=.M%A$1$1$1$9$?2,H4S\_/CX^/]_?WOP[<'=E- MR6+L]?OW[ZCAZ>GI]?5504-$1$1$1$1$+N;M[>WIZ>GAX6&_WS<"Q:]?O^[O M[^.KQW.(\K]__VZJBLJ1,EY>7M0Q1$1$1$1$1&3"Q\<'QA6_?__&K *98K_? 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In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this letter by providing the requested information and either submitting an amended draft registration statement or publicly filing your registration statement on EDGAR. If you do not believe our comments apply to your facts and circumstances or do not believe an amendment is appropriate, please tell us why in your response. After reviewing the information you provide in response to these comments and your amended draft registration statement or filed registration statement, we may have additional comments. Amendment No. 1 to Draft Registration Statement on Form S-1 Digital Currency Initiative, page 93 1. We note your revised disclosure on page 94 that SEN participants may make transfers to another SEN participant with which a counterparty relationship has been established. Please revise to describe a counterparty relationship and explain how they are established. Alan Lane Silvergate Capital Corp October 9, 2018 Page 2 Business Our Growth Strategy, page 103 2. We note you have added disclosure on page 104 about stablecoin transactions. Please revise to clarify your activities regarding stablecoins. For example, please explain what you mean by the statement that you are "focused" on the stablecoins you describe. Please also clarify whether fiat currency held for customers that may be used to exchange for stablecoins is treated any differently than other fiat currency held by depositors. Please also indicate whether you have any direct involvement with stablecoin pricing, transactions or exchanges. You may contact Ben Phippen at 202-551-3697 or Michael Volley at 202-551-3437 if you have questions regarding comments on the financial statements and related matters. Please contact Erin Purnell at 202-551-3454 or Pam Long at 202-551-3765 with any other questions. FirstName LastNameAlan Lane Sincerely, Comapany NameSilvergate Capital Corp Division of Corporation Finance October 9, 2018 Page 2 Office of Financial Services FirstName LastName