Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.
White House, US Senators Demand Proper Crypto Oversight – Regulation of Bitcoin News
The White House and members of the US Senate Banking Committee have called for proper regulation of cryptocurrency following the collapse of crypto exchange FTX. “Without proper oversight of cryptocurrencies, they risk harming ordinary Americans, and this is something that we are obviously monitoring and taking as an important issue,” said White House press secretary Karine Jean-Pierre.
The White House on Crypto Regulation
Following the collapse of cryptocurrency exchange FTX, the White House and several US lawmakers have called for stricter crypto regulation.
White House Press Secretary Karine Jean-Pierre said at a press conference Thursday in response to the FTX crisis:
The administration has consistently argued that without proper oversight of cryptocurrencies, they risk harming everyday Americans, and this is something we clearly monitor and view as an important issue.
She added: “The latest news further underscores these concerns and highlights why proper regulation of cryptocurrencies is truly necessary. The White House, along with the relevant agencies, will once again closely monitor the situation as it develops.”
Senate Banking and Housing Democrats Urge Regulators to ‘Look at What Led to FTX’s Collapse’
The Twitter account of the Senate Banking and Housing Democrats tweeted Thursday:
The continued turmoil of 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 take a closer look at what led to FTX’s collapse so that we can fully understand the abuse and abuse that took place.
US Senator Sherrod Brown (D-OH), chairman of the Senate Banking and Housing Committee, also issued a statement Thursday regarding the crisis surrounding FTX.
“The recent collapse of FTX is a loud warning bell that cryptocurrencies can fail, and just as we saw with over-the-counter derivatives that led to a financial crisis, these failures can have a ripple effect on consumers and other parts of our financial business. system,” the senator said. “I will continue to work with them to hold bad actors in crypto markets accountable. I am committed to finding the best way forward to protect consumers and the stability of the American markets and banking system.”
Another member of the Senate Banking and Housing Committee, Sen. Elizabeth Warren (D-MA), said on Wednesday that crypto needs “more aggressive enforcement,” adding that she will “continue to push” the Securities and Exchange Commission (SEC) to “enforce the law to protect consumers and financial stability.”
What do you think about the White House and US lawmakers demanding proper crypto regulation? Let us know in the comments section below.
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