[ad_1] <br><div data-v-b4cb1306=""><p>Adrienne Harris, superintendent of the New York Division of Monetary Companies, has reportedly stated the closure of the crypto-friendly Signature Financial institution in March had nothing to do with publicity to digital property.</p><p>In accordance with an April 5 report in The Wall Road Journal, Harris <a target="_blank" href="https://www.wsj.com/articles/new-york-finance-regulator-says-signature-banks-closure-not-related-to-crypto-120926ec" rel="noopener nofollow">made</a> the remarks on the Chainalysis Hyperlinks convention in New York Metropolis. She reportedly described the occasions main as much as the failure of Signature as a “new-fashioned financial institution run,” calling the concept it had any relation to crypto publicity “ludicrous.”</p><p>Harris additionally reportedly pushed again towards the concept the USA authorities was actively working to restrict sure industries’ entry to U.S. banking providers in what many have dubbed “Operation Choke Level 2.0.” The unique Operation Choke Level, carried out by the U.S. Division of Justice from 2013 to 2017, focused banks suspected to have publicity to firms doubtlessly concerned in fraud or cash laundering.</p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">Earlier at this time <a target="_blank" href="https://twitter.com/hashtag/NYDFS?src=hash&ref_src=twsrc%5Etfw" rel="noopener">#NYDFS</a> Superintendent Adrienne Harris joined CSO and co-founder <a target="_blank" href="https://twitter.com/jony_levin?ref_src=twsrc%5Etfw" rel="noopener">@jony_levin</a> to debate the way forward for digital asset oversight and vital developments in international monetary regulation at <a target="_blank" href="https://twitter.com/chainalysis?ref_src=twsrc%5Etfw" rel="noopener">@chainalysis</a> <a target="_blank" href="https://twitter.com/hashtag/Links23?src=hash&ref_src=twsrc%5Etfw" rel="noopener">#Links23</a> <a target="_blank" href="https://t.co/7ie6HnDVRr" rel="noopener">pic.twitter.com/7ie6HnDVRr</a></p>— NYDFS (@NYDFS) <a target="_blank" href="https://twitter.com/NYDFS/status/1643667085543763968?ref_src=twsrc%5Etfw" rel="noopener">April 5, 2023</a></blockquote>
<p>The NYDFS <a target="_blank" href="https://cointelegraph.com/news/signature-bank-closed-by-new-york-banking-authorities" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/signature-bank-closed-by-new-york-banking-authorities/amp" rel="noopener">took control of Signature Bank</a> on March 12, claiming it was defending the U.S. financial system from “system danger.” The financial institution was the newest failure following the collapse of the crypto-friendly Silvergate Financial institution and Silicon Valley Financial institution.</p><p><strong><em>Associated: </em></strong><a target="_blank" href="https://cointelegraph.com/news/tether-unequivocally-reiterates-no-exposure-to-signature-bank" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/tether-unequivocally-reiterates-no-exposure-to-signature-bank/amp" rel="noopener"><strong><em>Tether ‘unequivocally reiterates’ no exposure to Signature Bank</em></strong></a></p><p>Former Home of Representatives member and Signature board member Barney Frank <a target="_blank" href="https://cointelegraph.com/news/us-regulators-shut-down-signature-bank-despite-no-insolvency-report" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/us-regulators-shut-down-signature-bank-despite-no-insolvency-report/amp" rel="noopener">said there had been no issue</a> with the financial institution’s solvency on the time of the seizure, suggesting regulators had been making a “very robust anti-crypto message.” Some lawmakers together with Colorado Senator Michael Bennet <a target="_blank" href="https://cointelegraph.com/news/us-lawmaker-suggests-signature-s-collapse-was-tied-to-instability-of-crypto" data-amp="https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/us-lawmaker-suggests-signature-s-collapse-was-tied-to-instability-of-crypto/amp" rel="noopener">said Signature did not make</a> “prudentially sound” selections by associating with crypto companies. </p><p><strong><em>Journal: </em></strong><a target="_blank" href="https://cointelegraph.com/magazine/unstable-coins-de-pegging-bank-runs-other-risks-2023/" rel="noopener"><strong><em>Unstablecoins: Depegging, bank runs and other risks loom</em></strong></a></p><template data-name="subscription_form" data-type="law_decoded"/> </div><script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <br>[ad_2] <br><a href="https://cointelegraph.com/news/ludicrous-idea-that-signature-bank-s-collapse-was-connected-to-crypto-says-nydfs-head">Source link </a>