The White House said the administration of U.S. President Joseph Biden is monitoring the latest crypto market crash, but has delayed any potential enforcement action to an independent regulator.

White House press secretary Karine Jean-Pierre at a press conference on November 10 Say Biden’s awareness of the ongoing situation in the crypto market hints at FTX’s liquidity crisis. According to the press secretary, the government and financial institutions will “closely monitor” the development.

“administrative […] It has been maintained that, without proper oversight, cryptocurrencies could harm ordinary Americans,” said Jean-Pierre. “The latest news reinforces these concerns and underscores why prudential regulation of cryptocurrencies is indeed needed. “

White House Press Secretary Karine Jean-Pierre answers questions on Nov. 10. Source: YouTube

The executive branch’s announcement is the latest in a series of responses from U.S. financial regulators and lawmakers. House Financial Services Committee Chair Maxine Waters pushes for additional federal oversight of crypto trading platforms and consumer protections amid FTX’s liquidity issues on Nov. 10, Rep. Tom Emmer accuses SEC Chair Gary Gensler of arguing with FTX CEO Officer Sam Bankman-Fried to create a “regulatory monopoly”.

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In March, President Biden signed an executive order aimed at establishing a digital asset framework for the United States. Subsequently, government departments, including the Ministry of Finance, were ordered to issue reports on the potential opportunities and risks of digital assets, suggesting research into stablecoins and central bank digital currencies.

According to reports, Bankman-Fried donated Provided more than $5 million to then-presidential candidate Joe Biden in the 2020 election.