Cryptocurrency: BANK RUN PANIC Spreads Around Globe, Crypto and Gold Demand Skyrockets, FDIC Coverup

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"Barney Frank openly admits that Signature was arbitrarily shuttered
despite no insolvency because regulators wanted to kill off the last
major pro-crypto bank"

https://decrypt.co/123346/signature-bank-shut-down-anti-crypto-barney-frank
https://www.theblock.co/post/219391/barney-frank-regulators-shuttered-signature-bank-to-show-crypto-is-toxic
https://news.bitcoin.com/bank-board-member-and-dodd-frank-co-sponsor-barney-frank-suspects-anti-crypto-message-behind-signature-bank-failure/

Barney Frank, a director at Signature Bank which was shut down by the
government over the weekend has just said that the bank was shut down
to send a message to crypto, and not because they were facing any kind
of insolvency. These are shocking revelations as it appears that the
US government just killed a legal and solvent bank just because they
can, just because didn't approve of pro-crypto stance of the bank. In
the process, wiping out shareholders to zero.

https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20230312
https://dfpi.ca.gov/2023/03/10/california-financial-regulator-takes-possession-of-silicon-valley-bank/

https://www.cnbc.com/2023/03/13/signature-bank-third-biggest-bank-failure-in-us-history.html

https://www.youtube.com/live/Qdl53t7AKBo FUD
https://markets.businessinsider.com/news/stocks/short-seller-who-predicted-ftx-silvergate-capital-collapses-and-shorted-svb-financial-has-new-banking-target-a-worldwide-money-laundering-story-1032160796
https://twitter.com/liron/status/1592039990871339008

These are quotes from Frank, who also drafted the Dodd-Frank Act:

    “I think part of what happened was that regulators wanted to send
a very strong anti-crypto message,” said board member and former
congressman Barney Frank.

    For his part, Frank, who helped draft the landmark Dodd-Frank Act
after the 2008 financial crisis, said there was “no real objective
reason” that Signature had to be seized.

    “I think part of what happened was that regulators wanted to send
a very strong anti-crypto message,” Frank said. “We became the poster
boy because there was no insolvency based on the fundamentals.”

    https://www.cnbc.com/2023/03/13/signature-bank-third-biggest-bank-failure-in-us-history.html

This confirms many people's beliefs that the bank was shut down just
because they had a pro-crypto stance, and were facilitating crypto
exchanges and stablecoin liquidity using their Signet network, which
allowed stablecoins like USDC to obtain banking system liquidity
throughout the weekend when other banks were closed. The government's
statement said there were "systemic issues" at Signature Bank, and was
entirely vague.

Compare the vague statement issued by NYDFS on closure of Signature
Bank (found here) versus the detailed order passed by California DFPI
taking over Silicon Valley Bank (found here). In Silicon Valley Bank's
case, California DFPI have specifically found that the bank is
insolvent and passed a fact finding order, whereas in Signature bank,
the NYDFS statement is totally value with no fact finding order.

There was no liquidity issue at Signature bank, but the government
used the window of opportunity that arose over the weekend from
Silicon Valley Bank's failure, to kill off another bank SBNY which was
pro-crypto.

As the saying goes, "Never let any crisis go to waste"

It now appears that the bank was killed just to shut down crypto
access to banking. Shareholders in SBNY have been wiped out to zero as
the FDIC took over the bank. The shares were trading at $70 per share
at close of trading on friday. Not only the shareholders, even
unsecured bond holders of the bank have been wiped out.

606 reasons...
(a) Has violated any law;
(b) Is conducting its business in an unauthorized or unsafe manner;
(c) Is in an unsound or unsafe condition to transact its business;
(d) Cannot with safety and expediency continue business;
(e) Has an impairment of its capital;  or, in the case of a mutual
savings and loan association or credit union, has assets insufficient
to pay its debts and the amount due members upon their shares;
(f) Has suspended payment of its obligations;  or, in the case of a
mutual savings and loan association, has failed for sixty days after a
withdrawal application has been filed with it by any shareholder to
pay such withdrawal application in full;
(g) Has neglected or refused to comply with the terms of a duly issued
order of the superintendent;
(h) Has refused, upon proper demand, to submit its records and affairs
for inspection to an examiner of the department;
(i) Has refused to be examined upon oath regarding its affairs.
(j) Has neglected, refused or failed to take or continue proceedings
for voluntary liquidation in accordance with any of the provisions of
this chapter.