White House on Crypto: More Oversight is Needed to Avoid 'Harming' AmericansThe Biden administration's call for increased regulation comes amid a turbulent week for digital currencies.
During a press conference on Thursday,White Housepress secretary Karine Jean-Pierre stated that the Biden administration "has constantly maintained that, without proper oversight of cryptocurrencies, they risk harming everyday Americans."
The White House's stance oncryptoregulation comes during a particularly turbulent time for digital currency as the collapse of the cryptocurrencyFTXunfolded earlier this week.
“最近的消息进一步凸显了这些公司ncerns and highlights why prudent regulation of cryptocurrencies is indeed needed," Jean-Pierre stated.
As FTX faces bankruptcy, the firm and its founder Sam Bankman-Fried are under extensive investigation about if clients' money was mishandled, Bloombergreported. The probe is investigating the possibility that Bankman-Fried conducted a Ponzi scheme similar to that of Bernie Madoff by funneling clients' deposits into his hedge fund.
The ramifications for investors could be catastrophic, which could be why the White House is determined to tighten regulations and oversight to avoid anotherFTX meltdownin the future.
Bankman-Fried took to Twitter to address the controversy,writing"I fucked up, and should have done better," before launching into a 22-part thread that concluded with "I sincerely apologize. We'll keep sharing updates as we have them."
