Regulators shut down Signature to send the message that crypto is toxic - Barney Frank BarneyFrank SignatureBank SiliconValleyBank
- Barney Frank – the former congressman who coauthored the Dodd-Frank Act following the 2008 market collapse in an effort to overhaul US banking regulation to prevent another global financial crisis – spoke recently on the unfolding developments related to Signature Bank and suggested that regulators were trying to make a point that crypto is dangerous.
The New York Department of Financial Services took control of Signature Bank on Sunday, just two days after the tech-friendly Silicon Valley Bank experienced a bank run that resulted in regulators shutting the bank down to prevent further contagion. Prices began to reverse course late on Sunday, however, after President Biden announced that his administration was taking emergency actions to extend a federal backstop to all of Silicon Valley Bank’s deposits in order to ensure access to all of those funds on Monday.
Signature Bank was a major service provider for some of the biggest firms in crypto, including Circle, Coinbase and Coinshares, so it's possible that the government was moving preemptively to help prevent another major contagion event in the crypto ecosystem.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Regulators close Signature bank, say depositors will be made wholeState regulators closed New York\u002Dbased Signature Bank on Sunday, days after California authorities shuttered Silicon Valley Bank
Read more »
Signature Bank closed by New York regulators in fallout from implosion of SVBU.S. regulators are racing against the clock to stop a potential contagion from spreading to other lenders.
Read more »
Signature Bank closed by New York regulators in fallout from implosion of SVBU.S. regulators are racing against the clock to stop a potential contagion from spreading to other lenders.
Read more »
Signature Bank closed by New York regulators in fallout from implosion of SVBU.S. regulators are racing against the clock to stop a potential contagion from spreading to other lenders.
Read more »
Signature Bank closed by New York regulators in fallout from implosion of SVBU.S. regulators are racing against the clock to stop a potential contagion from spreading to other lenders.
Read more »
Breaking: Crypto-friendly Signature Bank closed by New York authoritiesNew York authorities have shut down Signature Bank, which closed in the red on Friday Silicon Valley Bank customers will get back their deposits in whole, with withdrawals opening on Monday While the crypto-market is still grappling with the collapse of the crypto-centric bank – Silvergate Bank, another bank has had its shop closed. In […]
Read more »