America’s biggest digital asset exchange Coinbase said Friday that it held a corporate cash balance of around $240 million with Signature Bank. In an interview with Bloomberg, Frank maintained that Signature Bank was closed unnecessarily over the weekend. Signature Bank gave crypto companies loans. Former Congressman Barney Frank, the co-author of the Dodd-Frank Act and a board member of Signature Bank, said regulators didnt have to shutter the bank he helped oversee. He added that the bank was the “poster boy” for the crypto industry. “I think part of what happened was that regulators wanted to send a very strong anti-crypto message,” he was quoted saying by CNBC. The same week, crypto-friendly Silvergate said it was winding down operations. Former US representative Barney Frank defended Signature Bank’s business and said it was seized due to an overreaction by a New York state regulatory agency. The move came after Silicon Valley Bank-to which a number of crypto companies had exposure -went belly up after suffering a $42 billion bank run days before. Barney Frank, a former member of Congress who sat on Signature Bank’s board before it was taken over by the FDIC, said the regulatory action was intended to send a message to U.S. Regulators have not yet provided any further reasoning for shuttering the bank. He served on the board of Signature Bank, passed signature legislation following the 2008 financial collapse known as the Dodd-Frank Act and he chaired the House Financial Services Committee and joins me now. It is the third-largest bank failure in U.S. Former Congressman Barney Frank is uniquely positioned to weigh in on these collapses. New York regulators decided to abruptly shut down crypto-friendly Signature Bank on Sunday, citing system risk-which surprised management at the firm, according to a Bloomberg report. The former lawmaker, a Signature Bank board member, said in a Monday interview with CNBC that regulators targeted the bank to send an “anti-crypto message.” Ex-congressman and the man behind the Dodd-Frank Act Barney Frank has said Signature Bank was shuttered in part to attack the digital asset industry. Ex-congressman and the man behind the Dodd-Frank Act Barney Frank has said Signature Bank was shuttered in part to attack the digital asset industry.

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