President Joe Biden said on Friday that federal deposit insurance could be tapped for deposits above $250,000 if other U.S. banks fail, expressing confidence that mid-sized U.S. banks would survive strains in the sector.

On Monday, U.S. president Joe Biden published the administration’s economic report and addressed the subject of cryptocurrencies. The section titled “The Perceived Appeal of Crypto Assets” describes the currencies as “mostly speculative investment vehicles” that are “unbacked” and “traded without fundamental anchors.” The White House insists that crypto assets do not deliver on their promises and do not “perform all the functions of money as effectively as sovereign money, such as the U.S. dollar.”

With the Federal Open Market Committee convening on Wednesday and the recent financial troubles facing the U.S. banking system, White House press secretary Karine Jean-Pierre said President Joe Biden has “confidence” in Federal Reserve chair Jerome Powell. Meanwhile, according to the CME Group’s Fedwatch tool, the target rate probability suggests the Fed will raise the federal funds rate by 25 basis points (bps) this week. There’s also a 26.9% chance the U.S. central bank won’t raise the rate this month.

Florida Governor Ron DeSantis, a potential presidential candidate in 2024, has called for a state-wide ban on central bank digital currency (CBDC). He opined that the Biden administration’s CBDC push is about surveillance and control.

Berkshire Hathaway Inc.’s Warren Buffett has been in touch with senior officials in President Joe Biden’s administration in recent days as the regional banking crisis unfolds.

Huobi disclosed to Reuters that its customers’ funds remain unaffected by the recent banking crisis in the USA since it has previously transferred all its assets from Silvergate and Signature Bank to other monetary institutions.

The overnight collapse of two major traditional banks — Silicon Valley Bank (SVB) and Signature Bank — triggered a series of events that impacted millions of businesses, venture capitalists and bottom-line investors alike. However, US President Joe Biden assured that no American taxpayer would feel the burn as the federal government takes action to protect the affected depositors.

President Biden went on national television to speak on the US banking sector.

President Biden is stepping up the attack on Bitcoin and crypto. Combined with banking failures and inflation increases, the crypto asset class has lost 14% in value over the past week.

On Thursday, March 9, U.S. President Biden revealed his budget proposal for 2024. Under the Biden Budget, the U.S. Treasury Department is looking to introduce a 30% excise tax on crypto mining operations.