Signature Bank regulatory agency denies being against crypto, says bank was shut down because it failed to provide data - report.
the regulatory agency of shutting it down merely to “send a very strong anti-crypto message.”
According to the report, an NYDFS spokesperson said that the shutdown had “nothing to do with crypto.” Instead, there was “a significant crisis of confidence in the bank's leadership.” The regulator was witnessing a deluge of withdrawals from the bank over the weekend, and when it attempted to get information from the bank’s leadership, they failed to provide “reliable and consistent data,” the report said in a paraphrase of the regulator’s statement.
The report seemed to imply that Barney Frank was standing by his original claim. It quoted him as saying in response: “I think that was a factor. I'm puzzled as to why it was closed,” and it stated that Frank claimed “bank executives were working to provide data to regulators” but could not accomplish this task before it was closed down.
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