And just like that crypto in America became unbanked.
From Bloomberg, March 13:
Barney Frank — the former congressman known for the Dodd-Frank Act, which overhauled US banking regulation to prevent another global financial crisis — said there was one thing lawmakers and regulators didn’t reckon with back in 2008: cryptocurrencies.
“Digital currency was the new element entered into our system,” the 82-year-old Frank said in an interview Sunday. “A new and destabilizing – potentially destabilizing – element is introduced into the financial system. What we get are three failures.”
Signature Bank was closed by New York state financial regulators Sunday in a shocking third banking collapse in a week, after the failure of fellow crypto-friendly bank Silvergate Capital Corp. and the seizure of SVB Financial Group’s Silicon Valley Bank. Frank himself is a board member at Signature Bank, which had been pulling back from digital assets, and he said clients may have overestimated Signature’s exposure to crypto....
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We had a link to the former Congressman's Signature mini-bio in yesterday's "New study on monkeys using stone tools raises questions about evolution". More to come on Mr. Frank including a bit of duplicity.
