The swift move shocked executives of Signature Bank, said board member and former congressman Barney Frank.
The move raised some eyebrows among observers. In the same Sunday announcement that identified SVB and Signature Bank as risks to financial stability, regulators announced new facilities to shore up confidence in the country's other banks.that it had more than $70 billion in untapped funding from the Federal Reserve and JPMorgan Chase.
For his part, Barney, who helped draft the landmark Dodd-Frank Act after the 2008 financial crisis, said there was "no real objective reason" that Signature had to be seized. "I think part of what happened was that regulators wanted to send a very strong anti-crypto message," Frank said. "We became the poster boy because there was no insolvency based on the fundamentals."
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