The White Home and members of the U.S. Senate Banking Committee have known as for correct cryptocurrency regulation following the collapse of crypto alternate FTX. “With out correct oversight of cryptocurrencies, they danger harming on a regular basis Individuals, and that is one thing that clearly we monitor and we see as an essential challenge,” stated White Home press secretary Karine Jean-Pierre.
White Home on Crypto Regulation
Following the collapse of cryptocurrency alternate FTX, the White Home and several other U.S. lawmakers have known as for stricter crypto regulation.
White Home press secretary Karine Jean-Pierre stated at a press briefing Thursday in response to the FTX disaster:
The administration has constantly maintained that with out correct oversight of cryptocurrencies, they danger harming on a regular basis Individuals, and that is one thing that clearly we monitor and we see as an essential challenge.
She added: “The newest information additional underscores these issues and highlights why prudent regulation of cryptocurrencies is certainly wanted. The White Home, together with the related companies, will once more carefully monitor the state of affairs because it develops.”
Senate Banking and Housing Democrats Urge Regulators to ‘Look Into What Led to FTX’s Collapse’
The Twitter account for Senate Banking and Housing Democrats tweeted Thursday:
The cryptocurrency market’s continued turmoil is why we should think twice about how one can regulate cryptocurrencies and their position in our financial system. It’s essential that our monetary watchdogs look into what led to FTX’s collapse so we will totally perceive the misconduct and abuses that passed off.
U.S. Senator Sherrod Brown (D-OH), chairman of the Senate Banking and Housing Committee, additionally launched an announcement Thursday concerning the disaster surrounding FTX.
“The latest collapse of FTX is a loud warning bell that cryptocurrencies can fail, and identical to we noticed with over-the-counter derivatives that led to a monetary disaster, these failures can have a ripple impact on customers and different components of our monetary system,” the senator stated. “I’ll proceed to work with them to carry dangerous actors in crypto markets accountable. I’m dedicated to discovering one of the best path ahead to guard customers and the steadiness of the U.S. markets and banking system.”
One other member of the Senate Banking and Housing Committee, Senator Elizabeth Warren (D-MA), stated Wednesday that crypto wants “extra aggressive enforcement,” including that she goes to “maintain pushing” the Securities and Trade Fee (SEC) to “implement the legislation to guard customers and monetary stability.”
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