FDIC chair highlights exposure to crypto as one of the reasons for Signature Bank’s collapse.
at a recent United States House of Representatives Financial Services Committee hearing on Oversight of Prudential Regulators, Gruenberg highlighted the recent failures of Silicon Valley Bank and Silvergate Bank, which eventually manifested in large declines in stock prices and subsequent deposit outflows at other banks.
“Additionally, the bank failed to understand the risk of its association with, and reliance on, crypto industry deposits or its vulnerability to contagion from crypto industry turmoil that occurred in late 2022 and into 2023.”
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