White House press secretary Karine Jean-Pierres said Thursday that more oversight of cryptocurrencies is needed in order to protect Americans from potential collapses.
The "recent news" Jean-Pierre was referring to was the collapse this week of cryptocurrency exchange FTX. Authorities are now investigating the firm for potential securities violations and analysts are bracing for a further downturn in crypto prices.FTX had agreed earlier this week to sell itself to bigger rival Binance after experiencing the cryptocurrency equivalent of a bank run. Customers fled the exchange after becoming concerned about whether FTX had sufficient capital.
The events marked a major turn of events for FTX CEO and founder Sam Bankman-Fried, who was hailed as somewhat of a savior earlier this year when he helped shore up a number of cryptocurrency companies that ran into financial trouble.The investigation into Bankman-Fried and FTX by those in the crypto world as well as securities regulators is centering on the possibility that the firm may have used customers' deposits to fund bets at Bankman-Fried's hedge fund, Alameda Research.
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