On March 12, 2023, New York regulators seized Signature Bank, just days after the collapse of Silicon Valley Bank and Silvergate’s decision to liquidate. Regulators claimed that Signature faced a crisis of confidence and dangerous deposit outflows. Unfortunately, they were not being truthful. As @nic_carter has written extensively about — the government was actually just using the banking system to cut the crypto industry off from the dollar. This is what became known as “Operation Choke Point 2.0.” The years since have added important context. FDIC documents released in 2025 showed banks seeking to engage with crypto were repeatedly met with delays, demands for more information, and requests to pause activity. In 2023 Signature was one of the most important banks serving the industry, making what happened that weekend a pivotal moment in the story. Last month I sat down with Signature Bank’s founder to hear, in his own words, what happened inside the bank as regulators moved in — and why he believes Signature never needed to be seized. This is one of the most important and interesting interviews I’ve done to date. I hope you all enjoy.