“I was sort of vindicated — they have not argued that we were insolvent.” Here, Barney Frank spoke with jenwieczner about why he blames regulators for unreasonably putting Signature Bank out of business and what he really thinks about banking crypto
, Frank argued back. Speaking from St. John, Frank explained why he blames regulators for unreasonably putting Signature Bank out of business and what he really thinks about banking crypto — and defended himself against critics who have accused him of switching sides.I don’t know. I’m not familiar with Silicon Valley Bank, so I can’t tell you. I can tell you from Signature’s part was that it triggered a run on deposits in our bank irrationally.
The closure of Signature Bank surprised a lot of people, because it didn’t initially seem affected by the run earlier this year at Silvergate, the California-based bank that primarily served the crypto industry. That’s why I speculate that using us as a poster child to say “stay away from crypto” was the reason.
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Bank Board Member and Dodd-Frank Co-Sponsor Barney Frank Suspects 'Anti-Crypto' Message Behind Signature Bank Failure – Bitcoin News'I think part of what happened was that regulators wanted to send a very strong anti crypto message,' Frank explained during his interview.
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