“Any buyer of Signature must agree to give up all the crypto business at the bank, the two sources added.” - Reuters.
So that basically confirms NYDFS lied when they claimed Signature’s customers wasn’t a factor in the shutdown.
Discussion
I don’t care if it says “crypto” these folks don’t differentiate, this kills bitcoin startups too.
I mostly care because as total shit “crypto” is, it is still not up to these fuckwits to decide.
Are there many Bitcoin-only startups ? What stages are they at and can they be helped in other ways ?
I can use more awareness, constructive feedback and technical scrutiny for my project. Bitcoin x Nostr, no sh!tcoins. #ShamelessPlug
Total abuse of power, from what I understand signature wasn’t even unable to pay withdrawals (yet) and reason was not due to their business model but due to svb which was due to purchase of bonds. So basically they should say that buyer should agree to give up all activities on the bond market
If it’s all about consolidation. They want just the big banks to exist — harder to control people if there’s 100 banks.
Of course crypto makes their life even harder, either eliminate or coopt
To summarize, NYDFS seized a not-bankrupt (based on their own and management’s comments) bank (at least in part) because it banked crypto/bitcoin companies, taxpayers spent money to inject more cash, and then NYDFS turns around and sells it with the condition that crypto/bitcoin gets debunked.
Your tax dollars at work!
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They were so desperate to unbank bitcoin to accept huge risk of causing massive bank runs and put them on the brink of second 2008 year meltdown.
US is now another China: dictatorial, corrupt stste run by selfish geriatric patients
Then they fight you.
Not a surprise.
It won't work (really) so they escalate and it still won't work.
This is where most DINOs* die or transform into captured projects and then die.
*decentralized in name only
Once CBDCs are in place they will simply punish those who violate these terms.