The Superintendent of the New York State Department of Financial Services (NYDFS), Adrienne Harris, has refuted allegations that cryptocurrency depositors were responsible for the collapse of Signature Bank. 

At a hearing about stablecoins held by the House Financial Services Committee on April 18, Harris stated that the liquidity crisis that led to Signature Bank’s collapse was not caused solely by cryptocurrency depositors, but by various depositors withdrawing their funds from the bank.

Harris reiterated her stance on cryptocurrencies during the hearing, dismissing the notion that they were responsible for the bank’s failure and calling it a “misnomer.”