A hearing of the U.S. House Financial Services Committee marked the second time heads of federal regulatory agencies addressed lawmakers following the failure of three major banks.
FDIC chair Martin Gruenberg speaking at a March 29 hearing of the U.S. House Financial Services Committee
According to Gruenberg, Signature’s payments platform Signet — which, along with the digital asset deposits, was not included in the NYCB bid — was “in the process now of being marketed” to potential buyers. The FDIC, along with New York financial regulators,on March 12, citing risks to the U.S. economy after Silicon Valley Bank and Silvergate Bank had failed.
Nellie Liang, Under Secretary for Domestic Finance at the U.S. Treasury Department, said she didn’t believe crypto “played a direct role” in the failure of either Signature or Silicon Valley Bank: “I know that Signature had activities involved in digital assets, but I don’t believe that is the main [cause].”
The March 29 hearing marked the second time Liang, Gruenberg, and Fed vice chairman for supervision Michael Barr addressed lawmakers following the collapse of three major banks in the United States. The Senate Banking Committee held a hearing on March 28, in which Gruenberg said Silvergate Bank
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