FDIC shuts down biggest crypto lender in wake of Silicon Valley Bank collapse

OAN Deven Berryhill
UPDATED 12:45 PM PT – Monday, March 13, 2023

The FDIC shut down Signature Bank on Sunday in efforts to prevent a growing banking crisis.

To protect the Signature Bank, New York-based federal regulators closed down Signature Bank “taxpayers” and the overall financial system. These decisions come following the collapse of California’s Silicon Valley Bank on Friday. 

“We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority,” In a joint statement, the Treasury Department, Federal Reserve, and Federal Deposit Insurance Corporation. “All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.” 

Signature was the biggest bank to lend to crypto-based accounts. The bank was represented in California and Nevada as well North Carolina, North Carolina and New York.

Signature was well-known for having several checking and business accounts. After the January 6^Th Capitol protests. The bank severed all ties with Trump and demanded his resignation. Many Republican politicians including David Shafer, the chairman of the Georgia Republican Party, blamed President Joe Biden’s recent collapse of banks. “Go Woke, Go Broke” policies.

“Signature Bank famously closed President Trump’s bank accounts to signal its virtue,” Shafer sent the tweet. “It is about the regulation of small and medium sized banks. Silicon Valley Bank was the 16^th largest bank in the country.”

Signature and SVB banks were criticized by many in the banking industry for being too focused on their investments and not enough on their woke policies. 

“SVB’s Sustainable Finance Commitment aims to support companies that are working to decarbonize the energy and infrastructure industries and hasten the transition to a sustainable, low-carbon, net zero emissions economy,” SVB 2022 ESG Report. “It also notes that the bank implemented ‘a diverse candidate slate for US leadership roles’ and introduced its first six Employee Resource Groups for Asian, Black, Hispanic, LGBTQ, veteran, military and female employees.”

Sources say that Barney Frank, a former congressman from Massachusetts, has served as a director on Signature Bank’s board since 2015. Frank co-sponsored Dodd-Frank, which was designed to bring reforms to Wall Street. 

Federal regulators have called the closure of Silicon Valley Bank on Friday the largest U.S. banking failure since the 2008 financial crisis — and the second-largest ever.

Glenn Beck was informed Monday by Carol Roth (author and economist). “average person” You should put 5% to 10% of your investment in protection. “alternative, hard assets like gold or precious metals.”