The report follows a wave of bank shutdowns that some have alleged were triggered not just by financial stability concerns, but by the broader push to strangle cryptocurrency businesses – despite the lack of any authorizing legislation. Former U.S. Rep. Barney Frank has explicitly claimed the shutdown of Signature Bank was intended “to send a message to get people away from [banking] crypto.” Frank is a member of Signature’s board, so he is motivated to claim crypto, rather than mismanagement, was to blame for the bank’s failure.
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