The decision to close down Signature Bank has "nothing to do with crypto," said the regulator that took possession of the bank on Sunday.
Highlights
- The New York State Department of Financial Services (NYDFS) took possession of Signature Bank on Sunday.
- The decision to close down Signature Bank had “nothing to do with crypto’s decision,” said the NYDFS.
- The financial watchdog insisted that its decision to put Signature Bank in receivership ‘was based on the current status of the bank and its ability to do business in a safe and sound manner’ Former U.S.
- Representative Barney Frank, who was involved in the drafting of the Dodd-Frank Act, believes that the regulator’�s move was related to cryptocurrency.
- The bank said in December that it plans to reduce crypto-related deposits by $8 billion.
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