Former House Rep Barney Frank defends Signature Bank, highlighting misconceptions about its involvement with crypto.
Barney Frank, a former member of the United States House of Representatives and board member of Signature Bank, has pointed fingers at certain members of the public in the wake of the bank’s collapse.he had “no mea culpas” regarding the failure of Signature, claiming that the bank’s dealings with crypto were “safe and sound” prior to regulators stepping in. The former U.S.
“It wasn’t that people who were in the digital business themselves panicked, it was other people who didn’t understand the business but were frightened by it,” said Frank on the collapse of Signature. “Unfortunately, a lot of uninsured depositors were hostile to crypto, and made the mistaken guilt-by-association of us and Silicon Valley.”
The New York Department of Financial Services took control of Signature Bank in March despite many including Frank at the time. The bank’s collapse followed the failure of Silicon Valley Bank and the shutdown of Silvergate Bank, both connected to crypto firms."On the day we were shut down — I believe prematurely — our assets were fine, our capital was fine, our loan portfolio was fine. The only problem we had was crypto-fear inaccurate withdrawals."
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