Harris said the presumption that Signature’s connection to the crypto sector caused its closure is "really ludicrous."
Highlights
- Signature Bank was shut down by American regulators to prevent further issues.
- New York State Department of Financial Services Superintendent Adrienne A. Harris said the premise that the bank’s ties to crypto-related businesses were behind its closure is “ludicrous” The head of the NYDFS assured in a recent interview that the relevant watchdogs closed Signature Bank because it had multiple uninsured deposits and lacked liquidity management protocols to honor withdrawal requests.
- Harris spoke in detail about the cryptocurrency sector, arguing it still lacks maturity despite its growing popularity.
- She said compliance programs of numerous firms in the field consisted of “reams of paper” and Excel spreadsheets.
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South African Professor Accuses US Regulators of Attempting to ‘Assassinate Crypto’