According to The Block, Adrienne Harris, head of the New York Department of Financial Services (NYDFS), refuted the statement that Signature Bank collapsed due to its exposure to the encryption industry at the House of Representatives hearing on stablecoins, saying that Signature Bank's failure was related to encryption. It is not accurate that the currency is linked together. About 20% of Signature’s deposits flowed out on the night Silicon Valley Bank collapsed, but “only 20% of them” were cryptocurrency-related deposits, with the rest being normal business customers.