Biden Calls For Clear Regulation Of Crypto Following G20 Summit, FTX/Alameda Collapse

President Joe Biden’s administration has called for stronger regulatory controls over Bitcoin BTC/USD and other cryptocurrencies in response to the scandal, potential fraud, and money lost through the collapse of Sam Bankman-Fried’s FTX FTT/USD exchange and sister company, quantitative investment firm Alameda. 

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.”

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This statement follows the recent gathering of the Group of 20 (G20), a “strategic multilateral platform connecting the world’s major developed and emerging economies.” G20 leaders met for a two-day summit hosted by the Indonesian G20 presidency in Bali.

Their meeting had the theme “Recover Together, Recover Stronger” and leadership at the G20 supported the idea of regulating digital assets. 

At the summit, Bali leadership said, “We will stay agile and flexible in our fiscal policy response, standing ready to adjust to the changing circumstances as needed.” On their website, they state, “Leaders remain committed to a human-centered, inclusive, fair, sustainable approach that leads to greater social justice, decent work, and social protection for all.”

The G20 members represent more than 80 percent of the world’s GDP, 75 percent of its international trade, and 60 percent of the global population.

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Photo: WhiteHouse.gov and Bitcoin image by Reto Scheiwiller from Pixabay.