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White House is monitoring FTX implosion, calling for more crypto regulation.

White House is monitoring FTX implosion, calling for more crypto regulation.

White House Press Secretary Karine Jean-Pierre told reporters at a briefing today that the White House is monitoring FTX implosion and activity in the crypto markets. More bitcoin regulations in the US have been requested once more by the Biden administration.

The government has long maintained that without proper oversight, cryptocurrencies risk harming ordinary Americans,” White House Press Secretary Karine Jean-Pierre said during the White House news briefing today. “The most recent news highlights these issues even more and clarifies why more careful regulation of more cryptocurrencies is required. Jean-Pierre did not specify how this would look due to the financial regulators’ legal independence from the White House; he could not comment on “specific actions that independent regulators should or should not take on this particular issue.” However, Jean-Pierre added that The White House “will continue to watch the situation” despite being aware of FTX’s collapse.

Earlier this year, President Joe Biden issued an executive order calling for a review of digital asset regulations. Subsequent reports led by the Treasury Department’s Financial Stability Oversight Board, a subcommittee of US regulators headed by Treasury Secretary Janet Yellen, called for continued enforcement of current financial laws that apply to digital assets, including digital assets, US securities, commodities and banking regulations. A senior administration official describes the Message as a “Double Down” request in the application.

The Treasury Department and other regulators have also asked Congress to pass new digital asset legislation, including a comprehensive new framework for stablecoins and legislation giving regulators more direct oversight of cryptocurrency exchanges and markets. FTX CEO Sam Bankman-Fried has supported some of these regulatory moves and is a significant contributor to Biden in the 2020 presidential election.

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