{"id":14432,"date":"2022-11-12T03:40:49","date_gmt":"2022-11-12T03:40:49","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/white-house-us-senators-call-for-proper-crypto-oversight-regulation-bitcoin-news\/"},"modified":"2022-11-12T03:40:49","modified_gmt":"2022-11-12T03:40:49","slug":"white-house-us-senators-call-for-proper-crypto-oversight-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/white-house-us-senators-call-for-proper-crypto-oversight-regulation-bitcoin-news\/","title":{"rendered":"White House, US Senators Call for Proper Crypto Oversight \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The White House and members of the U.S. Senate Banking Committee have called for proper cryptocurrency regulation following the collapse of crypto exchange FTX. \u201cWithout proper oversight of cryptocurrencies, they risk harming everyday Americans, and this is something that clearly we monitor and we see as an important issue,\u201d said White House press secretary Karine Jean-Pierre.<\/strong><\/p>\n

White House on Crypto Regulation<\/h2>\n

Following the collapse of cryptocurrency exchange FTX, the White House and several U.S. lawmakers have called for stricter crypto regulation.<\/p>\n

White House press secretary Karine Jean-Pierre said at a press briefing Thursday in response to the FTX crisis:<\/p>\n

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The administration has consistently maintained that without proper oversight of cryptocurrencies, they risk harming everyday Americans, and this is something that clearly we monitor and we see as an important issue.<\/p>\n<\/blockquote>\n

She added: \u201cThe most recent news further underscores these concerns and highlights why prudent regulation of cryptocurrencies is indeed needed. The White House, along with the relevant agencies, will again closely monitor the situation as it develops.\u201d<\/p>\n

Senate Banking and Housing Democrats Urge Regulators to \u2018Look Into What Led to FTX\u2019s Collapse\u2019<\/h2>\n

The Twitter account for Senate Banking and Housing Democrats tweeted Thursday:<\/p>\n

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The cryptocurrency market\u2019s continued turmoil is why we must think carefully about how to regulate cryptocurrencies and their role in our economy. It is crucial that our financial watchdogs look into what led to FTX\u2019s collapse so we can fully understand the misconduct and abuses that took place.<\/p>\n<\/blockquote>\n

U.S. Senator Sherrod Brown (D-OH), chairman of the Senate Banking and Housing Committee, also released a statement Thursday regarding the crisis surrounding FTX.<\/p>\n

\u201cThe recent collapse of FTX is a loud warning bell that cryptocurrencies can fail, and just like 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 system,\u201d the senator said. \u201cI will continue to work with them to hold bad actors in crypto markets accountable. I\u2019m committed to finding the best path forward to protect consumers and the stability of the U.S. markets and banking system.\u201d<\/p>\n

Another member of the Senate Banking and Housing Committee, Senator Elizabeth Warren (D-MA), said<\/a> Wednesday that crypto needs \u201cmore aggressive enforcement,\u201d adding that she is going to \u201ckeep pushing\u201d the Securities and Exchange Commission (SEC) to \u201cenforce the law to protect consumers and financial stability.\u201d<\/p>\n

What do you think about the White House and U.S. lawmakers calling for proper crypto regulation? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA 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 between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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