USDC and BUSD breathe a sigh of relief, thanks to Biden administration

ambcrypto.com:

Over the last few days, the collapse of Signature and the Silicon Valley Bank has impacted the financial and crypto markets quite significantly.

A much-awaited response by the U.S. government was issued on 12 March, which aimed at tackling the challenges being faced by the banks and their depositors.

The government’s response was communicated through a joint statement from the Treasury, Federal Reserve, and FDIC (Federal Deposit Insurance Corporation).

It confirmed that the Silicon Valley Bank issue will be successfully resolved with the approval of the U.S. Treasury Secretary, Janet Yellen.

The statement also assured depositors of the bank that they would be fully safeguarded and would be able to access their funds after 13 March.

An equivalent risk exception was declared for Signature Bank, with a confirmation that all depositors of the bank would be fully reimbursed.

Additionally, it was mentioned that there would be no financial burden on taxpayers for resolving these banks.

The President of the United States also took to Twitter to share his perspective, emphasizing the government’s intention to bolster oversight and regulation of major financial institutions.

Additionally, he made it clear that the authorities are determined to hold those who are responsible for such occurrences accountable.

I’m pleased they reached a solution that protects workers, small businesses, taxpayers, and our financial system. https://t.co/CxcdvLVP6l

— President Biden (@POTUS) March 13, 2023

Following the government’s announcement of resolving issues at