Barney Frank says regulators seized Signature Bank last weekend because they wanted to send a message to other banks not to do business with the crypt

Signature Bank’s Crypto Execution

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2023-03-18 15:30:03

Barney Frank says regulators seized Signature Bank last weekend because they wanted to send a message to other banks not to do business with the crypto industry. The evidence increasingly suggests the former Congressman could be right.

New York’s Department of Financial Services took possession of Signature on Sunday after it experienced a run on deposits following the collapse of Silicon Valley Bank (SVB). Other midsize banks also experienced large deposit outflows, and Mr. Frank, who served on Signature’s board, says the bank had enough liquidity on Sunday to ride out the run.

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