A regulatory takeover of a New York-based bank was intended to send a message to U.S. banks to stay away from the cryptocurrency business, a former member of...
A regulatory takeover of a New York-based bank was intended to send a message to U.S. banks to stay away from the cryptocurrency business, a former member of Congress who was on the bank’s board says.
Former U.S. Rep. Barney Frank said Monday that he believes the state officials behind the action were trying to make an example of Signature Bank. He was a director at Signature Bank until the New York Division of Financial Services took it over Sunday and gave control of it to the FDIC, the federal agency that insures bank deposits, until the bank can be sold.
“Our view was to make sure that the entire banking community here in New York was stable, that we can project calm,” Hochul said in a news conference Monday. As worries mounted about Silicon Valley Bank last week, Signature put out a statement seeking to reassure clients and investors that it was stable. The statement included a reminder that despite its efforts to cater to cryptocurrency holders, it “does not invest in, does not trade, does not hold, does not custody and does not lend against or make loans collateralized by digital assets.”
The bank’s top executives were ousted and it reopened Monday under operational control of the FDIC as Signature Bridge Bank.
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