The New York State Department of Financial Services (NYDFS) reportedly denied claims of a bias against cryptocurrencies after shutting down Signature Bank on 12 March. The NYDFS spokesperson clarified that the bank’s closure was due to “a significant crisis of confidence in the bank’s leadership” and its inability to provide “reliable and consistent data” following a wave of customer withdrawals. These comments were made in response to accusations by Signature Bank board member Barney Frank, who claimed that NYDFS’s intention was to send an anti-crypto message.