BREAKING VIDEO: Biden Wants Cryptocurrencies Regulated

White House Press Secretary Karine Jean-Pierre

( – BREAKING NOW: Just moments ago, in the wake of the collapse of FTX, which roiled cryptocurrency markets yesterday, the administration of President Joe Biden announced it wants federal regulation of cryptocurrencies.

As Wikipedia explains about FTX:

FTX is a Bahamian cryptocurrency exchange…The exchange was founded in 2019 and as of February 2022 had over one million users. FTX also operates FTX.US, a separate exchange available to US residents.

“In November 2022, it was discovered that FTX’s finances were precarious, and closely intertwined with its “sister” firm, Alameda Research. This revelation quickly led to an announcement from Binance that it would acquire FTX, though the potential acquisition collapsed the next day. The collapse of the acquisition, a collapse in the price of FTT, FTX’s exchange token, and a run on FTX resulted in the potential insolvency of the firm.” [emphasis added]

You can watch a video clip of White House Press Secretary Karine Jean-Pierre expressing the administration’s desire to regulate cryptocurrencies a bit further down this post.

According to Jean-Pierre, who was asked by a member of the White House Press Corps to address the implosion of FTX and its impact on cryptocurrency markets:

“Without proper oversight, cryptocurrencies risk harming everyday Americans. So this is something that clearly we monitor and that we see as an important issue. But the 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.”

Here is the video clip: