Govt Is Sending A Strong Anti Crypto Message: Collapsed Bank’s Board Member

Signature Bank Was Shut To Send Strong Anti Crypto Message: Board Member

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Ex Congressman and Signature Bank’s Board Member, Barney Frank, said that the bank was shut down to attack the crypto industry.

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In an interview with CNBC, Frank said that the regulators targeted the bank to send an “anti-crypto message.”

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Earlier, New York regulators announced to shut down Signature bank in the third-largest bank-failure in US history.

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All the banks that have collapsed so far were crypto-friendly banks.

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“I think part of what happened was that regulators wanted to send a very strong anti-crypto message,” Frank said.

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Silicon Valley Bank and Signature Bank provided loans to crypto companies and held their deposits.

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The collapse of crypto friendly banks may push crypto companies back in time as they are locked out of the traditional finance system.

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