ICYMI: White House is monitoring FTX implosion, calls for more crypto regulation
The White House is monitoring FTX’s implosion and activity in crypto markets, White House Press Secretary Karine Jean-Pierre told reporters during a briefing today.“The administration has consistently maintained that without proper oversight cryptocurrencies risk harming everyday Americans,” White House Press Secretary Karine Jean-Pierre said during today’s White House press briefing.
Jean-Pierre did not specify what that might look like due to the legal independence of financial regulators from the White House, saying that she could not comment on, “specific actions independent regulators should or should not take on this particular issue.” But Jean-Pierre added that the White House is aware of the implosion of FTX and will “continue to monitor the situation.”
Earlier this year President Joe Biden issued an executive order calling for an examination into digital asset regulations. Subsequent reports led by the Treasury Department, Financial Stability Oversight Council — a super committee of U.S. regulators led by Treasury Secretary Janet Yellen — called for continued enforcement of current financial laws that apply to digital assets, including U.S. securities, commodity and banking regulations.
FTX CEO Sam Bankman-Fried has been a supporter of some of that regulatory push — as well as a major donor to Biden in the 2020 presidential election. © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.By signing-up you agree to our
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