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‘Ludicrous’ to think Signature Bank’s collapse was connected to crypto, says NYDFS head, Dogecoin Futures Liquidations Jump to $26M After Twitter Displays Token's Logo for Some Users, & more

Apr 06, 2023

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‘Ludicrous’ to think Signature Bank’s collapse was connected to crypto, says NYDFS head

Adrienne Harris, superintendent of the New York Department of Financial Services, has reportedly said the closure of the crypto-friendly Signature Bank in March had nothing to do with exposure to digital assets.
According to an April 5 report in The Wall Street Journal, Harris made the remarks at the Chainalysis Links conference in New York City. She reportedly described the events leading up to the failure of Signature as a “new-fashioned bank run,” calling the idea that it had any relation to crypto exposure “ludicrous.”
Harris also reportedly pushed back against the idea that the United States government was actively working to limit certain industries’ access to U.S. banking services in what many have dubbed “Operation Choke Point 2.0.” The original Operation Choke Point, implemented by the U.S. Department of Justice from 2013 to 2017, targeted banks suspected to have exposure to companies potentially involved in fraud or money laundering.

Former House of Representatives member and Signature board member Barney Frank said there had been no issue with the bank’s solvency at the time of the seizure, suggesting regulators were making a “very strong anti-crypto message.” Some lawmakers including Colorado Senator Michael Bennet said Signature did not make “prudentially sound” decisions by associating with crypto firms.

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Dogecoin Futures Liquidations Jump to $26M After Twitter Displays Token's Logo for Some Users

Futures tracking the popular dogecoin (DOGE) tokens racked up $26 million in liquidations in the past 24 hours in a higher-than-usual move, data from Coinglass shows.
Both longs – or bets on – and shorts – or bets against – were nearly equally impacted. Longs saw $10 million in liquidations while shorts took on $13 million. Traders on crypto exchange OKX were the most impacted, taking on $12 million in losses on dogecoin futures positions.
Open interest, or the number of unsettled futures contracts, on dogecoin futures surged to over $580 million.
A bulk of the liquidations came as social media platform Twitter seemed to change its bird logo to a popular image that refers to a meme featuring a Shiba Inu dog. Twitter CEO Elon Musk referred to the move in several tweets, suggesting it wasn’t a brief, late April Fools’ joke.

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Crypto Protocol LayerZero Raises $120M at $3B Valuation

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