Signature Bank was shut down by the NYDFS citing “systemic risk.”On Sunday, as government authorities announced that Silicon Valley Bank depositors would be protected, they added that the New York Department of Financial Services would be shuttering Signature Bank. Little explanation was given but some, including Signature board member and bank regulation architect Barney Frank, think it was a calculated move to send an anti-crypto message.-“The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with today's editing by Jonas Huck, research by Scott Hill and additional production assistance by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Paul Marotta / Getty Images, modified by CoinDesk.Join the discussion at discord.gg/VrKRrfKCz8.Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.