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FameEX Morning Crypto News Recap | March 20, 2023

2023-03-20 14:59:30

Venezuela Restructures Its Department of National Cryptocurrency
Venezuela's National Superintendency of Crypto Assets, Sunacrip, will be reorganized with the help of a new board led by Anabel Pereira Fernández. However, Joselit Ramirez, who headed the department since it was established in 2018, has been excluded from the new team. It is unclear why Ramirez was not included in the new board. The move comes amid Venezuela's push to promote and regulate the use of cryptocurrencies, including its own digital currency, the Petro, which is backed by the country's oil reserves.

As the US banking crisis of 2023 unfolds, there is a growing interest in cryptocurrency
Marwan Ali, a trader and expert in cryptocurrency, has emphasized the significance of decentralized financial systems in light of the collapse of Silicon Valley Bank (SVB). Ali has expressed his belief that traditional banking is both unstable and fragile, thus highlighting the need for alternative financial solutions, such as digital currencies. He argues that the decentralized structure of cryptocurrencies like Bitcoin offers a level of security and resilience that traditional banking lacks.

US Legislator Urges Government to Provide Complete Deposit Insurance for Smaller Banks to Prevent Runs
As worries grow about potential bank runs, a US legislator is pushing for the temporary implementation of federal deposit insurance to safeguard all bank deposits nationwide. With recent collapses of major banks raising concerns, he warns that neglecting to adopt such measures could trigger a wave of withdrawals from smaller banks. The congressman cautions that if this happens, it could potentially escalate into a contagion effect that impacts the entire banking system, with severe economic ramifications.

Calls for Investigation into Bank Failures Intensify as US Senator Holds Fed Chair Powell Directly Responsible
Amidst mounting concerns over the regulatory framework for banks handling complex financial products and services, Senator Elizabeth Warren has urged an independent investigation into the failures of Signature Bank and Silicon Valley Bank. In her view, Federal Reserve Chairman Jerome Powell should take direct responsibility for the regulatory and supervisory issues that led to the banks' collapse. Warren's call for a thorough probe highlights the growing anxiety among legislators about the need for stronger banking regulations.

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