President Biden Calls For Better Crypto Regulations Following FTX Collapse

President Biden Calls For Better Crypto Regulations Following FTX Collapse. 

President Joe Biden’s administration has recently called for better, stronger and clearer crypto regulations following the fall of the second biggest crypto exchange in the world.

Declaration For Better Regulations

Following the the recent gathering of the Group of 20 (G20) in Indonesia, the leaders of the G20 countries, including U.S President Joe Biden himself, all agreed on the need for international rules and policies for the fastly approaching and growing Crypto industry.

In a statement President Biden posted on the White House website following the G20 meeting, President Biden wrote, “It is critical to build public awareness of risks, to strengthen regulatory outcomes and to support a level playing field, while harnessing the benefits of innovation.”

The president then goes on to write about how they are in support of the Financial Stability Board’s proposed approach and framework for crypto regulation.

We welcome the FSB’s proposed approach for establishing a comprehensive international framework for the regulation of crypto-asset activities based on the principle of ‘same activity, same risk, same regulation’.

Related: The Now-bankrupt Company FTX Owes Almost $3.1 Billion to Its Top 50 Creditors

White House’s Past Comments On Crypto

Since the fall of FTX earlier this month, the White House has already made a number of statements warning American investors to be more wary in investing in cryptocurrencies.

On November 10th, White House Secretary Karine Jean-Pierre made a statement addressing the fall of FTX, claiming that the situation “further underscores” the concerns surrounding cryptocurrencies.

Related: White House & Lawmakers Warn Against Crypto Following Fall Of FTX

She then goes on to say that FTX’s bankruptcy has made it clear more than ever that “prudent regulations of cryptocurrencies is indeed needed.”

Without proper oversight of cryptocurrencies, they risk harming everyday Americans.

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