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https://www.wsj.com/articles/new-york-finance-regulator-says-signature-banks-closure-not-related-to-crypto-120926ec


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 * Risk & Compliance Journal


NEW YORK FINANCE REGULATOR SAYS SIGNATURE BANK’S CLOSURE NOT RELATED TO CRYPTO


NYDFS SUPERINTENDENT ADRIENNE HARRIS CALLS IDEA CLOSURE WAS ABOUT REGULATORS
LOOKING TO KILL CRYPTO SECTOR ‘LUDICROUS’

SUPERINTENDENT ADRIENNE A. HARRIS DESCRIBED THE EVENTS LEADING TO THE SIGNATURE
FAILURE AS “A NEW-FASHIONED BANK RUN.”

Photo: Jeenah Moon/Bloomberg News
By
Mengqi Sun
April 5, 2023 4:11 pm ET

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The head of the New York State Department of Financial Services said the
regulator’s decision to close Signature Bank last month was as a result of
problems with the New York bank’s liquidity, not simply because it had banking
customers in the cryptocurrency space.

Superintendent Adrienne A. Harris, speaking at a crypto industry conference
Wednesday, described the events leading up to the Signature failure last month
as “a new-fashioned bank run,” in which the bank had a high percentage of
uninsured deposits and lacked liquidity management protocols to meet withdrawal
requests.

“The idea that the taking possession of Signature was about crypto and this is
‘Choke Point 2.0’ is really ludicrous,” Ms. Harris said at the Links NYC
conference hosted by blockchain analytics firm Chainalysis Inc. 

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Crypto circles a few weeks ago were abuzz with talk that Washington was plotting
to kill crypto by cutting off its access to the banking system, in what some
commentators dubbed “Operation Choke Point 2.0.” Those fears have now abated
somewhat, as banks have stepped up to fill the vacuum created after closures of
Silvergate Capital Corp. and Signature. 



The NYDFS stepped in March 12 and placed Signature bank into receivership with
the Federal Deposit Insurance Corp. to protect depositors. Signature Bank, which
built its business around a collection of niche markets, was the third-largest
bank to fail in U.S. history. Signature Bank had about $4 billion of deposits
related to its digital assets banking business, according to a March 20
statement from the FDIC. 

Speaking more broadly about the crypto industry, Ms. Harris said the sector
still lacks maturity in its compliance programs even as it has grown in
prominence. During many of the NYDFS’s examinations and enforcement actions, her
team would find that many companies’ compliance programs consisted of “reams of
paper” and Excel spreadsheets, among other things, she said.

“There is still a lack of maturity around Bank Secrecy Act-anti-money-laundering
[compliance] and cybersecurity,” Ms. Harris said. “We’re eager for the day when
those systems mature and scale as the business side does.” 

She added that part of having a robust compliance program at crypto firms is
acquiring the right technology, such as blockchain analytics tools, and hiring
trained professionals to use them. 

The NYDFS has beefed up its digital asset unit staffing over the past year, she
said, with its crypto unit now employing more than 50. Ms. Harris has said
previously she looks to use the state’s role as an industry leader to help set
the regulatory agenda nationwide. 

The NYDFS also is close to finalizing regulations on its authority to assess the
crypto industry, bringing it more in line with how it assesses the insurance and
banking sectors. The fees paid by companies for examinations would help bring
additional resources to the regulator, Ms. Harris added. 

Write to Mengqi Sun at mengqi.sun@wsj.com

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved.
87990cbe856818d5eddac44c7b1cdeb8




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The Wall Street Journal news department was not involved in the creation of this
content.








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The Wall Street Journal news department was not involved in the creation of this
content.





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