News Explorer — FDIC Chair Says Signature Bank Collapse Caused by Crypto Exposure, Admits Agency Should Have Acted Sooner

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FDIC Chair Says Signature Bank Collapse Caused by Crypto Exposure, Admits Agency Should Have Acted Sooner

FDIC Chair Martin Gruenberg acknowledged that the collapse of Signature Bank was largely due to its reliance on uninsured deposits and exposure to crypto, as well as its failure to manage its growth strategy and risk management practices. Gruenberg also accepted partial blame for the FDIC's shortcomings in acting sooner to curb the crisis.