$110,000,000,000 Bank Seized by Regulators To Send Anti-Crypto Message, Says Former Congressman Barney Frank

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$110,000,000,000 Bank Seized by Regulators To Send Anti-Crypto Message, Says Former Congressman Barney Frank

Former Democratic congressman from Massachusetts Barney Frank suspects Signature Bank may have been taken over by regulators to send an “anti-crypto message.”

Ngalaba na-ahụ maka ego ego na steeti New York mechiri emechi 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.

The FDIC plans to market the financial institution to potential bidders and kwuru 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 there was “no real objective reason” regulators needed to take over the crypto-friendly financial institution.

"Echere m na akụkụ nke ihe merenụ bụ na ndị na-achịkwa chọrọ izipu ozi mgbochi crypto siri ike. Anyị ghọrọ nwata akwụkwọ mmado n'ihi na enweghị ego na-adabere na isi ihe. "

Over the weekend, the Federal Reserve and Treasury Department mara ọkwa they would make up to $25 billion available as loans for financial institutions to alleviate liquidity pressures and meet the needs of their depositors.

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