FDIC plans to return $4B in Signature crypto deposits 'by early next week'

Martin Gruenberg, chair of the United States Federal Deposit Insurance Corporation, has said the FDIC plans to return roughly $4 billion in deposits connected to Signature Bank’s digital asset banking business by early April.

In a March 29 hearing of the U.S. House Financial Services Committee exploring federal regulators’ responses to recent bank failures, Gruenberg

Though some lawmakers and regulators have seemingly pointed to the banks’ ties to digital asset companies, many have criticized the association as being without merit. Former House of Representatives member and Signature board member Barney Frank reportedly said officials wanted to send a “very strong anti-crypto message,” claiming that the bank had no issues with solvency at the time of its closure.

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