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White House Says FTX Crash ‘Underscores’ Crypto Concerns
White House Press Secretary Karine Jean-Pierre told reporters that the Biden administration is aware of FTX’s ongoing problems and will continue to monitor the situation.
Updated Nov 10, 2022, 7:47 p.m. Published Nov 10, 2022, 7:19 p.m.
The Biden administration is keeping an eye on Bahamas-based crypto exchange FTX’s rapidly unfolding liquidity crisis.
White House Press Secretary Karine Jean-Pierre told reporters during a press briefing on Thursday that the Biden administration is “aware of the recent developments on [FTX] and will continue to monitor the situation.”
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Earlier this year, U.S. President Joe Biden signed an executive order pushing government agencies to work on a whole-of-government approach to regulating the crypto industry.
“The administration has consistently maintained that, without proper oversight of cryptocurrencies, they risk harming everyday Americans,” Jean-Pierre said.
“This is something that clearly we monitor and that we see as an important issue. The most recent news further underscores these concerns and highlights why prudent regulation of cryptocurrencies is indeed needed,” she added.
Prior to this week’s stunning collapse, FTX CEO Sam Bankman-Fried was one of the most active voices representing the growing crypto industry on Capitol Hill, where he frequently met with congressional lawmakers to urge them to consider his vision for the regulation of crypto.
The White House did not return multiple requests for comment.
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Canadian Province Wins Forfeiture of $1M QuadrigaCX Co-Founder's Cash, Gold via Default Judgment
The ruling transfers cash, gold bars, watches, and jewelry seized from a CIBC safety deposit box and bank account into government hands after Patryn did not defend the case.
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- The Supreme Court of British Columbia has forfeited $1 million in cash and gold tied to QuadrigaCX's co-founder, Michael Patryn, to the government.
- Patryn did not contest the forfeiture, which involved 45 gold bars, luxury watches, and over $250,000 in cash seized under an Unexplained Wealth Order.
- The forfeiture may lead to a process determining if any assets can be directed to QuadrigaCX's creditors, who received 13 cents on the dollar in the bankruptcy settlement.
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