Cryptocurrency Regulation Live Updates and Latest News 2022: Just after the FTX fiasco, global regulators were said to be negotiating global cryptocurrency regulations. In terms of pricing and investor confidence, the FTX’s fall had an impact on the entire cryptocurrency market.
FTX, a cryptocurrency behemoth, has collapsed. The billion-dollar empire has crumbled as a result of financial misappropriation and other factors. Sam Bankman-Fried provided the public with a very solid representation of FTX. The truth, on the other hand, was far from what the rest of the world saw.
US Bank J.P Morgan chief, Jamie Dimon, recently targets the crypto regulators after FTX crash.
He allegedly accused them of “not focusing on crypto at all” and doing “nothing at all” to prevent FTX’s crash.
In addition to this, J.P Morgan CEO also said FTX founder Sam Bankman-Fried, who responsible for the collapse, is said to be facing prison time.
Ethereum CEO, Vitalik Buterin, in an interview with The Straits Times commented on the Singapore government’s approach to crypto regulation. In an interview, Buterin appreciated the state’s willingness to help, but the Ethereum CEO also clarified that the government’s approach might not give the right result. Vitalik said the country’s attempt at crypto regulation may fail due to the country’s skeptical attitude.
CFTC commissioner, Summer Mersinger, while presenting at Texas Blockchain Summit stated that that the time has come to act on cryptocurrency regulation. Mersinger also highlighted the potential requirements for successful crypto legislation in the United States.
Former FDIC head Sheila Bair urged crypto regulators to use existing powers to protect investors rather than waiting for new laws. In addition to this she also said she does not expect the collapse of cryptocurrency prices might cause any financial instability. Following the FTX crash, FTX current CEO in a court filling stated that FTX demonstrated “a complete failure of corporate controls” and was subject to “faulty regulatory oversight abroad.”
Union Finance Minister Nirmala Sitharaman while speaking at the 21st World Congress of Accountants said Web3 will bring significant changes in the way financial information is handled. In addition to this she also claimed that Web3 will assist accountants and financial analysts in resolving several issues that are currently plaguing the industry.
US President Biden has expressed his views on the cryptocurrency sector in order to prevent another FTX-like incident and to protect investors and other entities. As per the recent tweet President demands Stricter Crypto Regulation Following FTX Crash.
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