White House wades into crypto collapse controversy

White House wades into crypto collapse controversy

On Thursday, the White House waded into the FTX collapse controversy, as White House press secretary Karine Jean-Pierre said: Without proper oversight of cryptocurrencies, they risk harming everyday Americans. One of the world's most prominent cripto exchanges, FTX, got a lot of controversy after Binance dropped out of an acquisition bid by the company, declaring that FTX mishandled customer funds and alleged US agency investigations. The total market cap forcryptocurrencies fell below the $1 trillion mark, and it also fell below $16,000 on Wednesday, hitting a new two-year low.

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Jean-Pierre said about FTX and highlighted the concerns raised by the most recent news. She stated that the government and regulatory agencies were continuing to monitor the situation.

The White House opportunist serpents who were capitalizing on the moment to push for greater government regulation were immediately engulfed by the fury of U.S. whistleblower Edward Snowden, who called the White House opportunistic serpents.

Some regulators have been warning about the dangers of cryptocurrencies after they said they were looking to leverage the moment to implement sweeping reforms and gain control in reining in the industry.

U.S. Commodity Futures Trading Commission commisioner Kristin N. Johnson said on TV that legislation was needed to prevent more financial losses because global markets are fragile and clear.

Many CEOs in the industry are talking about the sentiment of wanting to clean up their house. "We need to raise our standards," Jesse Powell, CEO of Kraken, said on Twitter. The damage is huge. An exchange implosion of this magnitude is a gift to Bitcoin haters all over the world.