White House Says FTX Crash ‘Underscores’ Crypto Concerns

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.”

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.