News21 November

U.S. President Joe Biden called for stricter international regulation of cryptocurrencies


The collapse of the major cryptocurrency exchange FTX forced global regulators to increase oversight of crypto projects.

After the fall of FTX, the market flew down and pulled with it a lot of projects, tokens, and hopes... So the U.S. president took up the cause.

Biden's statement was about the unification of rules, including international rules. That means making the rules the same for everyone, to using the same approach to regulate and oversee projects.

Such statements sound relatively healthy, but let's not forget that the blame for the collapse is not attributed to technology in any way. It lies on people. After all, the same Vitalik Buterin showed transparent mechanisms for CEX, which will be able to prove the provision of liquidity.

And FTX is a centralized exchange, so it was under the supervision of many regulatory bodies. But that didn't stop Sam from using clients' money for personal purposes, from buying houses to pouring clients' money into casinos...Anyway, you get the point. 

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