A New York regulator rebuffed criticism from former congressman Barney Frank and said its decision to take over Signature Bank was not related to the bank's work with digital asset businesses.  

The NYDFS spokesperson said it worked with executives at Signature Bank to evaluate its financial position, the ability to meet withdrawal requests and whether it could continue normal operations on Monday. The bank did not provide “reliable and consistent data, creating a significant crisis of confidence in the bank’s leadership,” according to the spokesperson.