This Crisis Will Define the Future of Money

Although the New York Department of Financial Services said Signature’s closure had nothing to do with crypto and was instead triggered by a “crisis of confidence” in its leadership, people are scratching their heads over why a supposedly solvent bank was shut down. Former U.S. Rep. Barney Frank, now a board member at Signature, speculated in a New York Magazine interview that the New York financial regulator had made the bank “a poster child to say 'stay away from crypto.’” Later, Reuters reported the FDIC is insisting that any prospective buyer will have to give up on Signature’s crypto business. (The regulator later denied that report.)