NYDFS Chief Dismisses ‘Choke Point 2.0’ Theory of Signature’s Closure as ‘Ludicrous’

Speaking to the audience at blockchain analytics firm Chainalysis’ Links conference in New York on Wednesday, Harris said the decision by her office to step in and shut down Signature was totally unrelated to crypto.

“The idea that taking possession of Signature was about crypto, or that this is Choke Point 2.0 is really ludicrous,” Harris said. “I mean, I just have no other way to say it – what we saw was a new-fashioned bank run. When you have a high percentage of uninsured deposits, and you don’t have liquidity management protocols in place, you end up in a place where you cannot open on Monday in a safe and sound manner.”

Source: NYDFS Chief Dismisses ‘Choke Point 2.0’ Theory of Signature’s Closure as ‘Ludicrous’