After the New York Department of Financial Services took possession of Signature Bank on Sunday, speculation mounted that regulators had seized the bank because of its crypto-friendly stance and Signet payment platform, a popular tool for the blockchain industry.
The narrative was boosted by former Rep. Barney Frank, a board member for Signature Bank, who gave a series of interviews on Monday alleging that Signature's business was sound and New York regulators only stepped in because they "wanted to send the message that crypto is toxic" and single out Signature as a "poster child."
