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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Signature Bank’s Closure Is Political And A Strong Anti-Crypto Message, Ex-Congressman

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read
Signature Bank closure

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Barney Frank, the director of Signature bank and a former congressman who helped draft the Dodd-Frank Act, has stated that the lender is solvent and that there was “no real objective reason” for the bank to be closed. He said regulators wanted to send a strong anti-crypto message.

The Real Reasons Behind Signature Bank’s Closure?

The vague statement issued by the New York Department of Financial Services (NYDFS) on the closure of Signature Bank claimed the move was “in order to protect depositors.”

Compared to the detailed order passed by the California Department of Financial Protection and Innovation (DFPI) when they took over Silicon Valley Bank, citing inadequate liquidity and insolvency, the NYDFS statement regarding Signature Bank is vague and lacks any fact-finding order. The DFPI appointed the United States Federal Deposit Insurance Corporation (FDIC) as the receiver of Silicon Valley Bank (SVB).

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Silicon Valley Bank Bailout

U.S. Doesn’t Want To Get Entangled With The Silicon Valley Bank Collapse: Binance Boss

2 years ago

The transfer of SVB’s assets to the FDIC led to a temporary retracement of crypto assets, including Bitcoin. Meanwhile, USDC, the stablecoin issued by Circle, which had $3.3 billion stuck in the tech lender, de-pegged. But as of March 14, the stablecoin is trading at parity with the USD.

Bitcoin Price On March 14| Source: BTCUSDT On Binance, TradingView
Bitcoin Price On March 14| Source: BTCUSDT On Binance, TradingView

Industry participants have concluded that Signature Bank was shut down because of its pro-crypto stance and the fact that it was facilitating stablecoin liquidity using its Signet network. The government’s actions may have been prompted by the opportunity over the weekend from SVB’s failure. This is the third major bank with ties to crypto to collapse in less than a month.

Silvergate bank was shut down, then SVB went insolvent. With $110 billion in assets, Signature Bank went under due to a $10 billion bank run, though it had $88 billion deposits filing.

https://twitter.com/twobitidiot/status/1635314474260512770

Senator Elizabeth Warren Blames Trump As SEC Cracks Down On Crypto

Senator Elizabeth Warren has blamed the Trump administration for the closure of Silicon Valley Bank (SVB), which she claims was largely due to the rollback of critical parts of the Dodd-Frank Act in 2018. Warren has called for Congress, banking regulators, and the current administration to reverse these actions as an immediate priority.

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Silicon Valley Bank and Federal Reserve

Silicon Valley Bank Falls – Will US Interest Rates Drop To 3.75%?

2 years ago

The closure of Signature Bank might be a message that the industry is targeted. This comes when Bradley Garlinghouse, the Chief Executive Officer (CEO) of Ripple, a blockchain company, maintains that United States regulations don’t favor innovation, especially in crypto. 

The headwinds keep growing – with the SEC declaring war on crypto, Chair Gensler continues to harp that firms simply need to come in and register, but the truth is there’s no infrastructure in place for a “registered token” to trade nor any clarity as to what these tokens are.

— Brad Garlinghouse (@bgarlinghouse) March 7, 2023

Together with other executives, including Christian Larsen, Bradley was sued by the United States Securities and Exchange Commission (SEC). The regulator claims they sold unregistered securities in XRP during their initial coin offering where they raised over $1 billion.

Feature Image From Ed Jones/Agence France-Presse — Getty Images, Chart From TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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