Editor’s note: This story has been updated to reflect the FDIC’s denial of Reuters’ report on Thursday.

The Federal Deposit Insurance Corporation has denied reports that prospective purchasers of Signature Bank would have to stop doing business with crypto.

The FDIC responded to a Reuters report citing two anonymous sources who claimed that the buyer of Signature Bank would have to agree to give up all crypto business at the bank. Following publication, a spokesperson for the FDIC told the news service that it “would not require divestment of crypto activities as part of any sale,” pointing to previous comments from Chairman Martin Gruenberg that the FDIC is not looking to prohibit any particular activity by banks.

Initial reports that the FDIC was forcing Signature Bank’s buyer to abandon crypto activities appeared to confirm suspicions that regulators targeted the bank because it did business with the crypto industry—sparking a furious response from the industry in question.

Earlier this week, Barney Frank, an ex-congressman who helped pen the Dodd-Frank Act, told CNBC that banking regulators shuttered the bank to send “a very strong anti-crypto message.” Frank also served on the Signature Bank board.

The New York Department of Financial Services was quick to dismiss his claim, saying in a statement the decision to place Signature into receivership “was based on the current status of the bank and its

Go to Source to See Full Article
Author: Stacy Elliott

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details