https://nu.federati.net/url/290046 [news bitcoin com]

Barney Frank, co-sponsor of Dodd-Frank bank reform law, says financial regulators caused #SBNY Signature Bank failure to send a message to #cryptocurrency.

He explains that the bank's fundamentals were good, with more than enough assets.

> In a phone call interview with CNBC, Frank stated, “We had no indication of problems until we experienced a deposit run late Friday, which was solely due to contagion from SVB.”

> Frank explained that concern began to spread last week as Signature’s customers began transferring deposits from the New York bank to larger financial institutions such as JPMorgan and Citigroup. Although the former politician saw “no real objective reason” for Signature to be seized and shut down, he suspected that U.S. regulators may have been sending a message.

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

That's a pretty severe point of view: regulators picking and choosing which banks to close because they wish to stop people from fleeing the banking system because of their own manipulation.