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Re: Signature Bank’s Crypto Execution - did regulators target these banks due to crypto If you look beyond the narrative being sold to the public by the MSM and regulators there is something going on in the bitcoin world. The U.S. is clamping down on crypto but seem to be trying to keep it out of the MSM. This started with the crypto exchanges like FTX and now has moved to the big players supporting crypto in the U.S. banking market. Apparently there were plenty of warning signs for those dealing in crypto, regulators have been filing injunctions and seizing their exchanges quietly for months. Not politically popular to make this well known for the Dem's, this is not just a asset mismatch issue in banking. Now it has also impacted the heart of high tech and venture capital. Can understand why they want to place the blame elsewhere, this is a demographic they want on their side. Seems the MSM isn't curious about the crypto aspect of all of this. The crackdown started with the exchanges and now has moved to the banking system. No one is curious that First Republic Bank were was treated differently with a $30 bill cash injection than the big three crypto banks, Silvergate, Silicon Valley and Signature? Silicon Valley is the heart of crypto country, Dem territory, that run wasn't likely started by their asset mismatch, it was because word had gotten out after Silvergate was taken down by the Fed and that bank was next. Silicon Valley had $3.3 bill of Circle's (big stable coin player) cash on hand. Signature's bank officers claim there was no run , they were solvent but got shut down anyways. Crypto may be running higher because this is a liquidity event , trying to move it from dollars to coin and back is becoming very difficult. Same time it may be many players fear crypto is going away so there becomes a scarcity concern, crypto is a movement. China took out crypto some time ago, may be it's time has come in the U.S. but no one in the Democratic party wants to admit it. With my next post I am going to put up a letter sent from four Republican senators questioning what is going on here, it doesn't appear to be just a banking issue but something else, the Dems are trying to keep a lid on it so far as the narrative the public is getting. US regulators shut down Signature Bank despite ‘no insolvency’: Report“Regulators wanted to send a very strong anti-crypto message,” said former House of Representatives member and Signature Bank board member Barney Frank. Barney Frank, a former member of the United States House of Representatives, has reportedly suggested that New York regulators closed the crypto-friendly Signature Bank as part of a seeming show of force. According to a March 13 CNBC report, Frank — also a board member of Signature Bank — said the only indication of problems at the bank was a deposit run of more than $10 billion on March 10, which he called “purely contagion” from the Silicon Valley Bank fallout. The New York Department of Financial Services took control of Signature on March 12 and appointed the U.S. Federal Deposit Insurance Corporation to handle the insurance process. “I think part of what happened was that regulators wanted to send a very strong anti-crypto message,” said Frank. “We became the poster boy because there was no insolvency based on the fundamentals.” Signature was the third major bank with ties to crypto to collapse in the last week following Silvergate Bank's parent company announcing it would “voluntarily liquidate” the firm on March 8 and California’s financial watchdog shutting down Silicon Valley Bank on March 10. Messari founder and CEO Ryan Selkis echoed Frank’s statements, claiming both Silvergate and Signature were solvent at the time authorities acted. |
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