{"id":172548,"date":"2023-03-16T23:26:05","date_gmt":"2023-03-16T23:26:05","guid":{"rendered":"https:\/\/precoinnews.com\/?p=172548"},"modified":"2023-03-16T23:26:05","modified_gmt":"2023-03-16T23:26:05","slug":"us-lawmaker-suggests-signatures-collapse-was-tied-to-instability-of-crypto","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/us-lawmaker-suggests-signatures-collapse-was-tied-to-instability-of-crypto\/","title":{"rendered":"US lawmaker suggests Signature\u2019s collapse was tied to instability of crypto"},"content":{"rendered":"

Michael Bennet, a United States senator representing the state of Colorado, has suggested that banks associated with crypto firms did not make \u201cprudentially sound\u201d decisions.<\/p>\n

Speaking at a March 16 hearing of the Senate Finance Committee, Bennet brought up the recent closure of the crypto-friendly Signature Bank with lawmakers and Treasury Secretary Janet Yellen in a discussion of U.S. President Joe Biden\u2019s FY 2024 budget. The Colorado senator drew a comparison between the relationship of banks and crypto companies to that of institutions and marijuana dispensaries \u2014 a legal service in many U.S. states that is \u201cfrozen out of the financial system\u201d. <\/p>\n

\u201cSignature Bank failed and almost a fifth of its deposits came from crypto,\u201d said Bennet. \u201cThey\u2019re not allowed to do anything with marijuana, but apparently they can lay 20% of this on crypto \u2014 a notoriously unstable […] thing that nobody here even understands and where the value of the assets can soar and collapse.\u201d <\/p>\n

<\/p>\n

According to Bennet, crypto was not \u201ceven as stable as the marijuana industry,\u201d implying it may have been a factor in the collapse of Signature Bank. However, Signature board member and former U.S. Representative Barney Frank said there was no issue regarding Signature\u2019s solvency at the time the New York Department of Financial Services took control of the bank on March 12.<\/p>\n

Related: <\/em><\/strong>California cannabis producer adopts blockchain to track its weed<\/em><\/strong><\/p>\n

The failure of Signature Bank, Silicon Valley Bank and Silvergate Bank and their ties to crypto firms have been part of discussions among industry experts, regulators, and lawmakers addressing the potential impact on the U.S. financial system. Many in the crypto and blockchain space have argued that government officials were looking to \u201cde-bank\u201d crypto companies, which could have far-reaching implications.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Michael Bennet, a United States senator representing<\/p>\n","protected":false},"author":3,"featured_media":172547,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nUS lawmaker suggests Signature\u2019s collapse was tied to instability of crypto - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/us-lawmaker-suggests-signatures-collapse-was-tied-to-instability-of-crypto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US lawmaker suggests Signature\u2019s collapse was tied to instability of crypto - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Michael Bennet, a United States senator representing\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/us-lawmaker-suggests-signatures-collapse-was-tied-to-instability-of-crypto\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-16T23:26:05+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/03\/US-lawmaker-suggests-Signatures-collapse-was-tied-to-instability-of-crypto.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/us-lawmaker-suggests-signatures-collapse-was-tied-to-instability-of-crypto\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/us-lawmaker-suggests-signatures-collapse-was-tied-to-instability-of-crypto\/\",\"name\":\"US lawmaker suggests Signature\u2019s collapse was tied to instability of crypto - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2023-03-16T23:26:05+00:00\",\"dateModified\":\"2023-03-16T23:26:05+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/crypto\/us-lawmaker-suggests-signatures-collapse-was-tied-to-instability-of-crypto\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/crypto\/us-lawmaker-suggests-signatures-collapse-was-tied-to-instability-of-crypto\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/us-lawmaker-suggests-signatures-collapse-was-tied-to-instability-of-crypto\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crypto\",\"item\":\"https:\/\/precoinnews.com\/category\/crypto\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"US lawmaker suggests Signature\u2019s collapse was tied to instability of crypto\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/precoinnews.com\/#website\",\"url\":\"https:\/\/precoinnews.com\/\",\"name\":\"Pre Coin News\",\"description\":\"precoinnews.com\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/precoinnews.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"US lawmaker suggests Signature\u2019s collapse was tied to instability of crypto - Pre Coin News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/precoinnews.com\/crypto\/us-lawmaker-suggests-signatures-collapse-was-tied-to-instability-of-crypto\/","og_locale":"en_US","og_type":"article","og_title":"US lawmaker suggests Signature\u2019s collapse was tied to instability of crypto - Pre Coin News","og_description":"Michael Bennet, a United States senator representing","og_url":"https:\/\/precoinnews.com\/crypto\/us-lawmaker-suggests-signatures-collapse-was-tied-to-instability-of-crypto\/","og_site_name":"Pre Coin News","article_published_time":"2023-03-16T23:26:05+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/03\/US-lawmaker-suggests-Signatures-collapse-was-tied-to-instability-of-crypto.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/precoinnews.com\/crypto\/us-lawmaker-suggests-signatures-collapse-was-tied-to-instability-of-crypto\/","url":"https:\/\/precoinnews.com\/crypto\/us-lawmaker-suggests-signatures-collapse-was-tied-to-instability-of-crypto\/","name":"US lawmaker suggests Signature\u2019s collapse was tied to instability of crypto - Pre Coin News","isPartOf":{"@id":"https:\/\/precoinnews.com\/#website"},"datePublished":"2023-03-16T23:26:05+00:00","dateModified":"2023-03-16T23:26:05+00:00","author":{"@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/precoinnews.com\/crypto\/us-lawmaker-suggests-signatures-collapse-was-tied-to-instability-of-crypto\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/precoinnews.com\/crypto\/us-lawmaker-suggests-signatures-collapse-was-tied-to-instability-of-crypto\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/precoinnews.com\/crypto\/us-lawmaker-suggests-signatures-collapse-was-tied-to-instability-of-crypto\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/precoinnews.com\/"},{"@type":"ListItem","position":2,"name":"Crypto","item":"https:\/\/precoinnews.com\/category\/crypto\/"},{"@type":"ListItem","position":3,"name":"US lawmaker suggests Signature\u2019s collapse was tied to instability of crypto"}]},{"@type":"WebSite","@id":"https:\/\/precoinnews.com\/#website","url":"https:\/\/precoinnews.com\/","name":"Pre Coin News","description":"precoinnews.com","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/precoinnews.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/172548"}],"collection":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/comments?post=172548"}],"version-history":[{"count":0,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/172548\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media\/172547"}],"wp:attachment":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media?parent=172548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/categories?post=172548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/tags?post=172548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}