• The Biden administration recently shut down Signature Bank, sending a message that centralized institutions should stay away from crypto.
• Former congressman Barney Frank served as the bank’s director and suggested the government’s intervention was a “huge mistake.”
• Biden has made it clear he does not support crypto, passing an infrastructure bill with hidden language to make April 15 more taxing for investors and using an Obama-era program to keep crypto companies out of the traditional financial sector.
Biden Administration Closes Signature Bank
The Biden administration recently closed Signature Bank, sending a message that centralized institutions should stay away from cryptocurrency. Former Congressman Barney Frank served as the bank’s director and suggested that the government’s intervention was a „huge mistake.“
Biden’s Anti-Crypto Agenda
Since day one of his presidency, President Joe Biden has been vocal about his stance on cryptocurrency. He passed an infrastructure bill in 2021 with hidden language specifically designed to make April 15 more taxing for investors. Additionally, he used an Obama-era program to keep crypto companies out of the traditional financial sector by preventing them from accessing loans or having bank accounts.
Barney Frank’s Take on Closure
In an interview discussing Signature Bank’s closure, former Congressman Barney Frank said that despite high record of withdrawals at the time of its closure, the company was already in control of federal government long before that event took place. He believes that this seizure is part of the government’s agenda to send a message to other banks warning them against investing in cryptocurrency.
What Does This Mean?
The closure of Signature Bank demonstrates yet another example of President Biden’s attitude towards cryptocurrency and serves as a reminder for traders and investors who deal with digital assets: they are not welcome in this administration. Furthermore, it is highly likely that similar closures will take place in other banking institutions if they continue to invest in cryptocurrencies or support blockchain technology in any way shape or form.
The closure of Signature Bank serves as yet another example of President Joe Biden’s malicious stance towards cryptocurrency investors and traders alike. It is yet another reminder for anyone dealing with digital assets: they are not welcome here under this administration and further closures could follow if banks continue investing in cryptocurrencies or supporting blockchain technology in any way shape or form.