Crypto Not To Blame For Bank Collapses, Treasury Official Says
Join Our Telegram channel to stay up to date on breaking news coverage Various crypto-friendly banks have recently collapsed, including Silicon Valley and Signature Bank. However, the United States Treasury Department’s undersecretary for domestic finance, Nellie Liang, believes that the crypto or digital asset sector should not be blamed for the banks’ demise earlier this month. In a hearing of the House Financial Services Committee conducted on March 29, Liang noted: “I don’t believe that crypto played a direct role in either of the failures.” Nellie Liang, the U.S. Treasury Department's undersecretary for domestic finance, doesn’t believe the digital assets sector should be blamed for the runs on SVB and Signature Bank that led to their quick demise earlier this month. "I don't believe that crypto played a direct role… — Wu Blockchain (@WuBlockchain) March 30, 2023 She further asserted that the American economy relies on...