White House, US Senators Call For Proper Crypto Oversight – Bitcoin Regulation News



The White House and members of the US Senate Banking Committee have called for proper cryptocurrency regulation following the collapse of crypto exchange FTX. “Without proper oversight of cryptocurrencies, they risk harming ordinary Americans, and that’s something we’re clearly monitoring and seeing as a significant issue,” the White House press secretary said. Karine Jean-Pierre.

White House on Crypto Regulation

Following the collapse of cryptocurrency exchange FTX, the White House and several US lawmakers have called for tougher crypto regulations.

White House press secretary Karine Jean-Pierre said during a Thursday press briefing in response to the FTX crisis:

The administration has always maintained that without proper oversight of cryptocurrencies, they risk harming ordinary Americans, and this is something we are clearly monitoring and viewing as a significant issue.

She added, “The most recent news further underscores these concerns and underscores why careful regulation of cryptocurrencies is indeed necessary. The White House, along with relevant agencies, will again be closely monitoring the situation as it develops.

Senate Banking and Housing Democrats urge regulators to ‘examine what led to FTX’s collapse’

The Senate Banking and Housing Democrats Twitter account tweeted Thursday:

The continued turmoil in the cryptocurrency market is why we need to think carefully about how to regulate cryptocurrencies and their role in our economy. It is crucial that our financial watchdogs examine what led to FTX’s collapse so that we can fully understand the misconduct and abuse that took place.

U.S. Senator Sherrod Brown (D-OH), chairman of the Senate Banking and Housing Committee, also issued a statement on Thursday regarding the crisis surrounding FTX.

“The recent collapse of FTX is a strong warning that cryptocurrencies can fail, and just as we saw with OTC derivatives that led to a financial crisis, these failures can have a ripple effect. on consumers and other parts of our financial system,” the senator said. “I will continue to work with them to hold bad actors in the crypto markets accountable. follow to protect consumers and the stability of US markets and the banking system.

Another member of the Senate Banking and Housing Committee, Senator Elizabeth Warren (D-MA), said The crypto needs “more aggressive enforcement” on Wednesday, adding that it will “continue to push” the Securities and Exchange Commission (SEC) to “enforce the law to protect consumers and financial stability.”

What do you think of the White House and US lawmakers calling for proper crypto regulation? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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