Former Democratic congressman from Massachusetts Barney Frank suspects Signature Bank may have been taken over by regulators to send an “anti-crypto message.”
The New York State Department of Financial Services shuttered Signature on Sunday after customers withdrew $10 billion worth of deposits on Friday.
The state regulator appointed the Federal Deposit Insurance Corporation (FDIC) to run a “bridge bank” holding all of Signature’s assets.
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The FDIC plans to market the financial institution to potential bidders and says it will protect all of Signature’s depositors, noting that the bank’s customers all still have access to their money.
Frank, who is also a Signature board member tells CNBC that the bank’s issues were “purely contagion” from the implosion of Silicon Valley Bank last week.
Frank also claims
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