The White House is asking regulators to enforce crypto rules and regulations due to the FTX crisis
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Answer The White House is asking regulators to enforce crypto rules and regulations due to the FTX crisis
Regulators around the world were put on edge by the collapse of FTX which further crashed the cryptocurrency market.
Currently there is a call for stricter regulations for the cryptocurrency industry.
The Biden administration has reaffirmed its call for more regulation and legislation around cryptocurrencies in the United States.
According to White House journalist Karen Jean-Pierre, the Biden administration has never shied away from reminding its citizens of the impending risks and uncertainty associated with trading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and others due to their volatility.
She told Karen during a White House press conference Thursday:
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The administration has consistently emphasized that without proper oversight, cryptocurrencies risk harming ordinary Americans.
The latest news confirms these concerns and highlights the need indeed for prudent regulation of cryptocurrencies.
As such, the White House is monitoring the state of cryptocurrency exchanges in the Bahamas.
President Joe Biden signs an executive order to regulate the crypto market:
In March, President Joe Biden signed an executive order that was further regulation of the cryptocurrency industry in particular, with regard to the trading of digital assets in America.
Although at the time, the country was looking for ways to ensure that a war-burdened Russia would not evade sanctions through the use of cryptocurrencies.
Now, the executive order carries a broader perspective on the cryptocurrency industry.
Some of the primary areas cited in the executive order are the use of cryptocurrencies to fund terrorism, cyberattacks, fraud and the effects on the US financial economy.
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The executive order was a trigger for appropriate government agencies to work with other foreign entities to set policies and regulate the cryptocurrency ecosystem.
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