Signature Bank Did Not Fail Due to Connection with Crypto Industry: Regulator
At a congressional committee hearing, Adrienne Harris, the Superintendent for the New York state banking regulator, has denied the suggestion that Signature Bank failed due to its connection with the crypto industry.
Harris has noted that the collapse of the institution was a consequence of the panic among customers, which caused the fall of Silicon Valley Bank, though only about 20% of the deposited funds were related to digital assets.
Harris claimed that the remaining funds were from ordinary commercial clients with uninsured deposits who left the bank.
She also took part in the hearings of the committee, which was previously chaired by Signature board member Barney Frank, who criticized the actions of the regulator and claimed that the NYDFS forcibly closed the bank due to its involvement in the digital asset industry.
