Signature Bank board member Barney Frank earlier claimed ‘regulators wanted to send a very strong anti-crypto message.’
“I think part of what happened was that regulators wanted to send a very strong anti-crypto message,” Frank told CNBC on Monday, March 13. “We became the poster boy because there was no insolvency based on the fundamentals.”
“DFS has been facilitating well-regulated crypto activities for several years, and is a national model for regulating the space,” they said. In response to NYDFS’ statement, Frank said he was surprised the regulator said the decision to close the bank was not related to cryptocurrency.He added that to his knowledge, bank executives were working to provide data to regulators.
Signature was a commercial bank with private client offices with nine national business lines including commercial real estate and digital asset banking.
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