In response to the market's extreme volatility and the recent cryptocurrency meltdown.
The White House representatives responded to the cryptocurrency meltdown and the high level of market volatility with some fascinating statements.
The White House representatives made some interesting remarks in response to the cryptocurrency crash and the high level of industry volatility. Speaking to the media on Friday, White House press secretary Karine Jean-Pierre claimed that cryptocurrencies are negatively affecting the lives of regular Americans. According to her, the White considers the crypto supervision to be a crucial problem. According to the secretary, recent developments in cryptocurrency have demonstrated the need for regulation.
White House on Bitcoin Crash
The Biden administration's announcement comes as the U.S. Securities and Exchange Commission continues its investigation into FTX. The secretary stated that the administration is collaborating with pertinent agencies to keep an eye on the state of the cryptocurrency market. The SEC investigation focuses on the connections between other businesses connected to Sam Bankman-Fried and the US division of FTX. Authorities are also investigating whether the cryptocurrency exchange improperly handled consumer payments.
Without adequate regulation, cryptocurrencies run the potential of hurting regular Americans, the White House press secretary continued. Since we clearly monitor this and consider it to be a significant issue, it goes without saying that we are concerned about it. However, the most recent news only serves to highlight these worries and emphasise the need for careful regulation of cryptocurrencies. The White House and the pertinent agencies will keep a careful eye on the situation as it changes.
A voluntary chapter 11 bankruptcy petition had already been published by the ailing cryptocurrency exchange FTX. As a result of the bankruptcy, the FTX group, which consists of FTX, Alameda Research, and numerous other businesses, will have more time to evaluate the situation. The chief executive officer, Sam Bankman-Fried, had also left the company. John J. Ray III was appointed as the new FTX CEO to take SBF's post.
Following the revelation of FTX's bankruptcy, the cryptocurrency market is currently in the black. Chances are, nevertheless, that the cryptocurrency market will eventually crash. According to price monitoring service CoinGabbar, the price of Bitcoin (BTC) as of this writing is $16,908, up 2.68% in the previous hour.
