At the time, a joint statement from the regulators said the action against Signature was taken to “protect the U.S. economy by strengthening public confidence in our banking system.” However, former U.S. Representative and Signature board member Barney Frankwas sending a “strong anti-crypto message” in shutting down the bank, and some lawmakers are demanding answers.
An FDIC spokesperson told Cointelegraph the bidding process for banks interested in acquiring Signature and Silicon Valley Bank had begun. They suggested recent reports that the FDICof the failed banks not support any crypto services could have been part of its “confidential marketing process.” “An acquirer tells the FDIC what assets and liabilities from the failed bank it is willing to take, as well as what money will change hands,”US crypto regulation happening ‘behind closed doors’ — Blockchain Association CEO
Prior to its closure, many considered Signature to be a major crypto-friendly bank in the United States, providing services to Coinbase, Paxos Trust, BitGo and Celsius. Some in the space have suggested that federal regulators’ perceived attack on banks servicing crypto firms
Sure did, but it was a role they played in the Cryptopacolypse Monopoly game! CryptoFunny
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