Former Signature Bank executive, Scott Shay, has been criticized for blaming the collapse of the bank on cryptocurrency while allegedly pocketing millions in bonuses and stock options. During a Senate Banking Committee hearing, Senator Cynthia Lummis accused Shay of deflecting blame onto digital assets and regulators. Senator Elizabeth Warren also criticized Shay and Silicon Valley Bank CEO, Gregory Pecker, for keeping millions after recklessly crashing banks. Warren is working with a bipartisan group in the Banking Committee to introduce a bill that can claw back excessive paychecks. The New York Department of Financial Services (NYDFS) previously stated that blaming crypto for Signature Bank's collapse was "ludicrous" and that it was instead a "new-fashioned bank run."
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Senators slam Signature Bank execs for blaming collapses on crypto, pocketing millions
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