According to FDIC Chairman Martin Gruenberg, Signature Bank's involvement in the digital asset industry was a major factor in its collapse. Gruenberg also acknowledged the FDIC's shortcomings in not taking action sooner to prevent the crisis from spreading. The agency's supervision could have been stronger, he said. Signature Bank was not exclusively a crypto bank, but its efforts towards the industry became more pronounced during the pandemic-era bull run. However, the fall of FTX was a major turning point, and Signature Bank distanced itself from the industry in a bid to reduce its exposure.