- Barney Frank said digital currency was a new, potentially destabilizing factor in the financial system.
- Signature Bank closed by New York state financial regulators, joining fellow crypto-friendly banks Silvergate Capital Corp. and SVB Financial Group's Silicon Valley Bank.
- Frank said 2023 is not 2008 and the financial system is less vulnerable, but the crypto sector is hurting the banking industry.
- Frank said regulators wanted to send a message to get people away from crypto and Signature Bank was the poster child.
Frank Sees Crypto as Common Element in New Bank Failures
Barney Frank said digital currency was a destabilizing factor in the financial system, leading to the closure of three crypto-friendly banks. He said the sector is hurting the banking industry but is not systemically problematic.