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Crypto, US

INSIGHT: Signature Bank’s closure had ‘nothing to do with crypto’- New York regulator

FILE PHOTO: A worker arrives to the Signature Bank headquarters in New York City, U.S., March 12, 2023. REUTERS/Eduardo Munoz/File Photo

By Hannah Lang and Pete Schroeder

New York’s financial regulator said its decision to close Signature Bank had “nothing to do with crypto,” citing what it called “a significant crisis of confidence in the bank’s leadership” that occurred over the weekend after regulators shuttered Silicon Valley Bank.

The comments from a New York State Department of Financial Services spokesperson were in contrast with those made by Signature Bank board member and former U.S. Rep. Barney Frank, one of the pioneers of the landmark Dodd-Frank Act, which was enacted after the 2008 financial crisis to better insulate the banking system from shocks.

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