Bitcoin and innocent cryptos – Remember. There closure of the Signature Bank, a few days after that of Silicon Valley Bank, sparked speculation that the establishment’s exposure to cryptocurrencies had led to its loss. But what is it really?
Bitcoin and cryptocurrencies: usual suspects
It must be said that for some members of the government and more broadly of the American political field, crypto is the perfect culprit in the Signature Bank collapse case. And yet. According to the superintendent of the main banking regulator in New York, Adrienne Harris, cryptocurrencies have nothing to do with this story.
In detail, Adrienne Harris said yesterday, Wednesday April 19, during her appearance before the US Congressional Committee that the Bankruptcy of the Signature Bank was related to panic withdrawals in fiat currency. 20% of deposits left the bank in record time, cryptocurrencies only corresponded to “ 20% of these 20 %”
“The rest were normal business customers whose uninsured deposits were leaving the bank, so we didn’t see the crash as a result of cryptocurrency deposits and their instability. »
Statement by Adrienne Harris
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Banking and cryptocurrencies: dangerous liaisons
The words of the superintendent of the New York regulatory authority only support those of Barney Frank, member of the board of directors of Signature Bank and former member of Congress. The latter had already raised this question of a preventive closure of Signature to prevent it from getting too close to cryptocurrencies before the same assembly as Adrienne Harris a few weeks before.
“They shut us down even though there was no good and compelling reason to do so, because they wanted to show that banks shouldn’t be involved in crypto. »
Statement by Barney Frank to The Block newspaper
I’invented by Satoshi Nakamoto seems to have the wrong role in the USA in the face of the weakness of a traditional financial system at the end of its rope and a US government turning its back on it preferring to protect his dollar. This animosity towards cryptocurrencies is not new, however. Gary Gensler even had to recently justify his hatred of cryptocurrencies before members of Congress.
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