1/15/2024 0 Comments Barney frank bank board![]() Signature Bank board member Barney Frank has accused regulators who closed Signature Bank over the weekend of shuttering the bank to send a message “that crypto is toxic.” Signature Bank board member claims regulators want to send message “crypto is toxic” The bottom line is this: Americans can rest assured that our banking system is safe, and your deposits are safe. ![]() NOW READ: Bank meltdown crushes crypto regulation hopes: ‘Crypto in the US is dead’ New York’s Signature was closed Sunday by its “state chartering authority.” In a joint statement made Sunday by the US Department of the Treasury, the Federal Reserve, and the FDIC, the agencies plan to honour all deposits in both Silicon Valley Bank and Signature Bank. “All customers who had deposits with these banks can rest assured that they’ll be protected and will have access to their money as of today,” he said.īiden statement followed his call over the weekend to “strengthen oversight and regulation of larger banks.”īiden’s latest assurances added to the stream of regulatory actions over the past few days to try and stem further bank runs. ‘All customers who had deposits with these banks can rest assured that they’ll be protected and will have access to their money as of today’ While market still reel from the banking meltdown, Biden told customers of Silicon Valley Bank and Signature Bank that they could “rest assured” that the government would see their deposits honoured. He made the speech as the dust settled after three crypto-friendly banks collapsed last week – Silvergate, Signature and Silicon Valley Bank. President Joe Biden declared the US banking system safe on Monday. NOW READ: Meet the professor ‘obsessed’ with tracking crypto fugitive Do Kwon across the blockchainīiden pledges to make SVB and Signature depositors whole Kwon has been on the run since South Korean prosecutors issued a warrant calling for his arrest in September of 2022, and the fallout from TerraUSD’s collapse has been widely credited as a key catalyst for the 2022 downturn in the crypto markets. The investigation comes a month after the SEC sued Kwon and Terra parent company Terraform Labs for fraud. US Justice Department authorities are now investigating the $60bn TerraUSD collapse in 2022, questioning former team members and ramping up pressure on project founder Do Kwon. US DoJ investigating 2022 TerraUSD collapse
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