A Headline Few Saw Coming “Barney Frank Was Right About Signature Bank”

The FDIC all but confirms Signature was closed to send a message about crypto.

Barney Frank Was Right About Signature Bank

The Wall Street Journal comments Barney Frank Was Right About Signature Bank

We never thought we’d write that headline. But on Sunday the Federal Deposit Insurance Corp. announced that New York Community Bancorp’s Flagstar Bank will assume all of Signature Bank’s cash deposits except for those of crypto companies. This confirms Mr. Frank’s suspicions—and ours—that Signature’s seizure was motivated by regulators’ hostility toward crypto.

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