White House Says 'Careful Regulation of Cryptocurrencies' Needed, Alluding to FTX Situation

According to press officer Karine Jean-Pierre, the administration and financial agencies will "closely follow" the evolution of the market for cryptography.

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The White House has said US President Joseph Biden's administration is monitoring the situation with the recent crypto market crash, but defers to independent regulators for any potential enforcement action.

In a Nov. 10 press briefing, White House Press Secretary Karine Jean-Pierre said Biden was aware of the current crypto market situation, alluding to the crisis liquidity of FTX. According to the press officer, the administration and the financial agencies will "closely follow" the development of the situation.

"The administration [...] has always argued that without proper oversight, cryptocurrencies risk harming ordinary Americans," Jean-Pierre said. “The most recent news highlights these concerns further and highlights why careful regulation of cryptocurrencies is indeed necessary.”

White Chamber Press Secretary Karine Jean-Pierre answering questions on November 10. Source: YouTube

The executive's statement was the latest in a series of reactions from financial regulators and lawmakers across the United States. House Financial Services Committee Chair Maxine Waters pushed for additional federal oversight of crypto trading platforms and consumer protections amid FTX facing liquidity issues on November 10, and the Representative Tom Emmer accused Securities and Exchange Commission Chairman Gary Gensler of