The New York State Department of Financial Services (NYDFS) said its decision to close Signature Bank had "nothing to do with crypto" but was triggered by "a significant crisis of confidence in the bank's leadership" after the collapse of Silicon Valley Bank. This contradicts Signature Bank board member and former U.S. Rep. Barney Frank, who said that he was the closure of the bank as a very strong sign of the anti-crypto attitude of regulators. The bank would not have been illiquid, he said.