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Former Signature Bank Executive Blames Digital Assets for Bank's Collapse, Senators Criticize Deflection of Responsibility

A former executive of Signature Bank has attempted to shift blame for the bank's failure onto digital assets. However, Senator Cynthia Lummis criticized this approach as deflationary, pointing out that reckless management policies were also to blame.

The NYDFS has continued to investigate events leading to the bank's collapse, with new discoveries and blame games emerging from different sources. At a Senate Banking Committee hearing, former Silvergate Bank executive Scott Shay stated that the bank's readiness to deal with web3 startups was a major factor in its collapse, rather than the management team.

Despite referring to digital assets ten times during his testimony, Shay denied blaming web3 firms for the bank's collapse.

Senator Elizabeth Warren also criticized Shay and Silicon Valley CEO Gregory Pecker for keeping millions after recklessly crashing banks, and announced plans to introduce a bill to curtail the powers of bank executives to receive excessive pay.

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