The Troubling State of Banking and Finance in Today's World.

Former NYDFS superintendent Maria Vullo said that regulators did not shut down Signature Bank due to its crypto clients, but rather because of the bank's unreliable and inconsistent data, creating a crisis of confidence in its leadership. The bank may have also suffered from contagion risks following the closure of Silicon Valley Bank just days earlier. Regulators were able to quickly deal with both banks to send a strong message to the public that the system is safe and to prevent depositors from pulling out their money from other banks.