Barney Frank who help draft the Dodd-Frank Act, believes that Signature Bank was seized because "regulators wanted to send a very strong anti-crypto message"

The swift move shocked executives of Signature Bank, said board member and former congressman Barney Frank.

Highlights

Signature Bank customers spooked by the sudden collapse of Silicon Valley Bank withdrew more than $10 billion in deposits.
That run on deposits quickly led to the third-largest bank failure in U.S.
history.
Regulators announced late Sunday that Signature was being taken over to protect its depositors.
The sudden move shocked executives of Signature Bank, a New York-based institution with deep ties to the real estate and legal industries, said board member and former congressman Barney Frank.
The bank had 40 branches, assets of $110.36 billion and deposits of $88.59 billion at the end of 2022, according to a regulatory filing in New York.

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