The White Home and members of the U.S. Senate Banking Committee have referred to as for correct cryptocurrency regulation following the collapse of crypto trade FTX. “With out correct oversight of cryptocurrencies, they danger harming on a regular basis People, and that is one thing that clearly we monitor and we see as an necessary challenge,” mentioned White Home press secretary Karine Jean-Pierre.
White Home on Crypto Regulation
Following the collapse of cryptocurrency trade FTX, the White Home and a number of other U.S. lawmakers have referred to as for stricter crypto regulation.
White Home press secretary Karine Jean-Pierre mentioned 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 People, and that is one thing that clearly we monitor and we see as an necessary challenge.
She added: “The latest information additional underscores these considerations and highlights why prudent regulation of cryptocurrencies is certainly wanted. The White Home, together with the related businesses, will once more carefully monitor the scenario 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 consider carefully about regulate cryptocurrencies and their function 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 occurred.
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 elements of our monetary system,” the senator mentioned. “I’ll proceed to work with them to carry unhealthy actors in crypto markets accountable. I’m dedicated to discovering the most effective 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), said Wednesday that crypto wants “extra aggressive enforcement,” including that she goes to “preserve pushing” the Securities and Alternate Fee (SEC) to “implement the regulation to guard customers and monetary stability.”
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