Regulators around the world were encouraged by the collapse of FTX, which caused further declines in the cryptocurrency market.

Currently there are calls and demands for stricter regulations for the cryptocurrency industry.

The Biden administration has reiterated its call for more regulations and legislation on digital currencies in the United States.

According to White House journalist Karen Jean-Pierre, the Biden administration has never failed to remind its citizens of the imminent risks and uncertainties associated with trading cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) due to their volatility.

Karen said at a White House press conference on Thursday:

The administration has consistently emphasized that without proper oversight, cryptocurrencies risk harming ordinary Americans.

Recent news underscores these concerns and really highlights the need for prudent regulation of cryptocurrencies.

Accordingly, the White House is monitoring the status of cryptocurrency exchanges in the Bahamas.

President Joe Biden signs executive order to regulate crypto market:

In March, President Joe Biden signed an executive order that specifically further regulates the cryptocurrency industry, regarding the trading of digital assets in America.

At the time, the country was looking for ways to ensure that war-burdened Russia did not circumvent sanctions through the use of digital currencies.

Now, the executive order takes a broader view on the cryptocurrency industry.

The executive order identified terrorism, cyber attacks, fraud and the use of cryptocurrencies to affect the US financial economy.

The executive order acts as a trigger for appropriate government agencies to establish policies and work with other foreign entities to regulate the cryptocurrency ecosystem.

Also Read:

Coinbase is laying off more than 60 employees…here are the details

Crypto.com partially discloses its cryptocurrency reserves to dispel bankruptcy rumors