Barney Frank, a member of the Board of Directors of Signature Bank and a former U.S. Congressman, believes the government has no reason to force his company into receivership.
He also interpreted the action as an attempt by regulators to “Slaughter chickens for Crypto people to see” all over the country
In a telephone interview with CNBC Frank said Signature Bank customers have withdrawn more than $10 billion in panic over bank-runs after Silicon Valley Bank (SVB) was forced to close.
Just two days later, the FDIC took a similar action against Signature Bank as the Federal Reserve announced it would insure all deposits for both banks. with the management team being fired And regulators are working on the sales process.
However, according to Frank, Signature Bank should not be closed, management believes that deposit outflows remained stable on Sunday.
“I think part of what’s going on is that regulators want to send warning messages to the crypto community,” Frank said. Far away from crypto.”
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