crypto news – Bank of America said to be buying Signature Bank, tweets Bill Ackman

Taking to Twitter on March 17, investor and famend brief-vendor Bill Ackman said Bank of America has plans to step in and purchase distressed U.S. Signature Bank, one of the banks that went into compelled receivership after a disaster within the U.S. banking sector final week.

Back of America to Signature’s rescue?

I’m listening to that @BankofAmerica goes to purchase Signature Bank on Monday. Unless and till we are able to shield uninsured deposits, the fee of capital goes to rise for smaller banks pushing them to merge or be acquired by the SIBs. I don’t assume that is good for America.

— Bill Ackman (@BillAckman) March 17, 2023

On March 15, Reuters reported that the FDIC instructed potential bidders of Signature they have to “give up” crypto points of the enterprise.

However, a CoinDesk report from March 17 denied that to be true.

On March 17, Ackman proclaimed that Signature will quickly discover itself within the palms of Bank of America, one of the world’s main monetary establishments, value an estimated $222 billion.

In response to earlier experiences written by Barney Frank, a board member of Signature Bank and a co-sponsor of the Dodd-Frank Act throughout his tenure in Congress, the regulator’s actions might have been politically motivated by anti-crypto sentiment.

However, a spokesperson from each the New York Regulator and FDIC extra not too long ago acknowledged that the regulator’s loss of confidence in Signature financial institution’s management stemmed from a current financial institution run and the dearth of “reliable” data, not any particular connection to crypto.

Neither Bank of America. nor Signature have responded to Ackman’s tweet.