Crypto Industry in Turmoil as Signature Bank Shutdown Raises Questions

Maria Irene

The recent shutdown of Signature Bank has raised concerns within the crypto community, with some experts suggesting that the US government is waging a war on the digital asset industry. The closure of Signature Bank comes on the heels of the Silicon Valley Bank and Silvergate crises, making it the third prominent crypto bank to fall.

Many are wondering if there was an objective reason for shutting down Signature Bank. According to CNBC, the bank had a significant presence in the industry, with 40 branches, assets of $110.36 billion, and deposits of $88.59 billion at the end of 2022. Furthermore, there was no indication that the closure was on the horizon.

Signature Bank board member’s opinion that the closure was “a strong anti-crypto message,” from regulators only fueled the speculation that ulterior motives regarding the digital asset industry could have come into play. Some in the crypto community believe that regulators are trying to kill the crypto industry.

However, not everyone is convinced that this is the case. Stephen Livera, a Bitcoin Maxi, argues that Bitcoin is a commodity and not a part of the crypto casino. Meanwhile, Roel Vede, a crypto expert, believes that central banks are not evil, but their entire game is outdated, and they should make way for Bitcoin.

The closure of Signature Bank has sparked a war of words within the crypto community. Some experts suggest that the government’s shutting of Signature Bank is a war on Bitcoin. Beni, another crypto expert, warns that if people cannot cash out their crypto or use it as legal tender, it is not bullish for Bitcoin. The government’s actions could have a detrimental effect on the crypto industry and its investors.

The shutdown of Signature Bank has raised concerns within the crypto community, with some experts suggesting that the US government is trying to kill the industry. While some believe that regulators are acting in the best interests of consumers, others see the move as a blatant attack on the crypto industry. Only time will tell how this situation will play out and what impact it will have on the digital asset industry.

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Maria Irene
Maria Irenehttp://ledgerlife.io/
Maria Irene is a multi-faceted journalist with a focus on various domains including Cryptocurrency, NFTs, Real Estate, Energy, and Macroeconomics. With over a year of experience, she has produced an array of video content, news stories, and in-depth analyses. Her journalistic endeavours also involve a detailed exploration of the Australia-India partnership, pinpointing avenues for mutual collaboration. In addition to her work in journalism, Maria crafts easily digestible financial content for a specialised platform, demystifying complex economic theories for the layperson. She holds a strong belief that journalism should go beyond mere reporting; it should instigate meaningful discussions and effect change by spotlighting vital global issues. Committed to enriching public discourse, Maria aims to keep her audience not just well-informed, but also actively engaged across various platforms, encouraging them to partake in crucial global conversations.

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