President Biden Calls for Tighter Crypto Regulation Following FTX Collapse 

President Biden Calls for Tighter Crypto Regulation Following FTX Collapse 

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Many events in the crypto industry from the collapse of the Terra-Luna ecosystem to that of the FTX exchange have increased the government’s interest in cryptocurrency, could this actually be the beginning of a new crypto?

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President Biden Calls for Stricter Crypto Regulation 

As the FTX collapse has led to many investors losing a lot of their money, the President of the United States has expressed concerns about the event and called for tighter regulation of the cryptocurrency market.

White House Press Secretary Karine Jean-Pierre said, “Without proper oversight, crypto risks harming everyday Americans, so this is something that we see as an important issue, but the most recent issues further underscore and prove why prudent oversight of cryptocurrencies is indeed needed.”

This came after a recent meeting of the G20, a “strategic multilateral platform connecting the world’s major developed and emerging economies.”

In a 2 day summit by the leaders of the G20, an event hosted by the Indonesian G20 presidency in Bali, the theme of the leadership meeting was “Recover Together, Recover Stronger”, which the leadership at the gathering supported the regulation of virtual assets.

“We will stay agile and flexible in our fiscal policy response, standing ready to adjust to the changing circumstances as needed,” said the Bali leadership at the event.

The G20 nation’s GDP represents about 80% of the total world GDP, 75 percent of its international trade, and 60 percent of the world’s population.

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