![]() ![]() Signature Bank’s troubles had been brewing for a while: last month investment and algorithmic trading firm Statistica Capital hit the bank with a class-action lawsuit alleging it facilitated failed digital asset exchange FTX’s activities. is choosing not to be competitive in the tech space and would prefer that unregulated parts of the economy and other countries lead." Warren added that such a denial of banking access " would mark a seachange for the approach to innovation and entrepreneurship in the U.S., signaling that the U.S. “I trust what he said-he had no reason to lie.”Ĭrypto Council for Innovation CEO Sheila Warren told Decrypt that recent statements from regulators “seem to amount to de facto bans on dealing with all crypto companies, regardless of their business practices.” “Certainly since the beginning of the year the de-banking of the crypto industry has been happening,” Caitlin Long, CEO and founder of crypto bank Custodia, told Decrypt. ![]() The regulator said the move had nothing to do with crypto, telling Decrypt in an email that “the decisions made over the weekend were not crypto related” and that the body “has been facilitating well-regulated crypto activities for several years, and is a national model for regulating the space.”īut industry insiders who spoke with Decrypt say they’re not buying it, and point to a growing trend that goes back months if not years. ” But the New York Department of Financial Services today denied Frank’s claim. Why was it closed, then? And is it part of a broader crackdown by regulators targeting crypto?īarney Frank, the ex-congressman behind the Dodd-Frank Act and a Signature Bank board member, yesterday told CNBC that regulators shut down the bank to send “a very strong anti-crypto message. ![]()
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