2023-03-14
Barney Frank, a board member of Signature Bank and a former U.S. member of Congress, believes the government has no reason to force his company to be held in custody.
In addition, He also interpreted the action as an attempt by regulators to "make an example of the crypto society to get away from cryptocurrency" across the country.
In a telephone interview with CNBC, Frank said signature bank customers had withdrawn a combined $10 billion in bank-run panic after Silicon Valley Bank (SVB) was forced to shut down.
Just two days later, the FDIC has conducted similar action against Signature Bank, while the Federal Reserve announced it would guarantee all deposits for both banks, with the management team fired and regulators running the sales process.
However, due to Frank’s data, Signature Bank should not be closed, management believes the volume of outflows remained steady on Sunday.
“I think part of what happened was that regulators wanted to send a very strong anti-crypto message,” Frank said.
We became an example of the crypto society to send a message to get people away
from crypto."
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