President Joe Biden Calls Stricter Crypto Regulations After FTX Disaster

President Joe Biden has expressed his opinions on the cryptocurrency industry in order to stop another occurrence similar to the FTX and protect investors and other organizations.

Joe Biden and G-20 leaders spoke about this in the meeting in Bali:

“We welcome the FSB’s proposed approach for establishing a comprehensive international framework for the regulation of crypto-asset activities based on the principle of ‘same activity, same risk, same regulation’.

We welcome the FSB consultative report on the review of its high-level recommendations for the regulation, supervision and oversight of “global stablecoin” arrangements.”

President Joe Biden thinks that the Financial Stability Board‘s push for crypto regulation is necessary and gives the community “a level playing field.”

“We also welcome the FSB consultation report on promoting international consistency of regulatory and supervisory approaches to crypto-assets activities and markets.

It is critical to build public awareness of risks, to strengthen regulatory outcomes and to support a level playing field, while harnessing the benefits of innovation.”

The FSB had previously proposed imposing stringent regulations for crypto that were similar to those in traditional finance. The idea to put in place a thorough international framework for regulating cryptocurrency activity was well-received by the G-20 leaders.

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