The US Government Monitors Crypto Markets as FTX's Saga Continues to Unfold The most recent events further underscores these concerns and highlights why prudent regulations of cryptocurrencies is indeed, needed: Karine Jean-Pierre

White House Press Secretary Karine Jean-Pierre indicated to the reporters during a press briefing the Biden administration is "aware of the recent developments and will continue to monitor the situation."

U.S. President Joe Biden had signed an executive order earlier this year requesting government agencies for joint activities by different ministries, public administration sectors and public agencies to provide a common solution for the regulation of cryptos in the United States.

"The administration has maintained without proper oversight. Cryptocurrencies risk harming Americans everyday and this is something clearly we monitor and that we see as an important issue," said Karine Jean-Pierre, White House Press Secretary.

The entire crypto market has spiralled down with the news of FTX's liquidity crunch made the headlines. Binance came to the rescue of FTX and Alameda Research trade firm. Binance had agreed to acquire the Cayman Islands based crypto company. However, Binance backed out of the acquisition deal 24 hours after signing the letter of intent. The company cited the reasons as mishandling customer funds, alleged US agency investigations as well as corporate due diligence.

"The most recent events further underscores these concerns and highlights why prudent regulations of cryptocurrencies is indeed, needed," added Jean-Pierre

Sam Bankman-Fried was one of the more active representatives of the crypto industry that is on the rise. Bankman-Fried met congressional lawmakers frequently to convince them to consider his vision for the regulation of cryptocurrencies.