Why regulators seized Signature Bank in third-biggest bank failure in U.S. history

• On Friday, Signature Bank customers spooked by the sudden collapse of Silicon Valley Bank withdrew more than $10 billion in deposits, a board member told CNBC.
• That run on deposits quickly led to the third-largest bank failure in U.S. history. Regulators announced late Sunday that Signature was being taken over to protect its depositors and the stability of the U.S. financial system.
• “I think part of what happened was that regulators wanted to send a very strong anti-crypto message,” said board member and former congressman Barney Frank.

https://www.cnbc.com/2023/03/13/signature-bank-third-biggest-bank-failure-in-us-history.html