The New York regulator said the shutdown of Signature Bank had nothing to do with crypto.
The closure of Signature Bank had a huge impact across the industry. The New York financial regulator said that the shutdown of Signature Bank has nothing to do with cryptocurrencies.
New York Regulator: Signature Bank Shutdown Has Nothing To Do With The Crypto Industry
The financial regulator said the decision to shut down Signature Bank “has nothing to do with crypto.” He also added, referring to what he called “a major crisis of confidence in the bank’s leadership.”
Statements by a spokesperson for the New York State Department of Financial Services contradicted comments by former U.S. Representative Barney Frank, a member of the Signature Bank board of directors and one of the pioneers of the Dodd-Frank Act, which was described as a “landmark” following the 2008 financial law.
Commenting on the matter, Frank told CNBC on Monday:
“I think part of what happened was that regulators wanted to send a very strong anti-crypto message. Since there was no fundamental bankruptcy, all eyes were turned to us.”
By contrast, the New York State Department of Financial Services (NYDFS) denied Frank’s allegations in a statement Tuesday, saying Sunday’s decision to shut down Signature Bank and appoint the FDIC as the buyer “was based on the bank’s current state and ability to do business in a safe environment.” told.
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