US and EU Politicians Call for a Crypto Regulation Push

US and European politicians are urging the regulation of cryptocurrency in the midst of the FTX collision.

US and EU Politicians Call for a Crypto Regulation Push

The general consensus amongst the high-profile politicians seems to point toward the attitude of crypto regulatory frameworks being urgently needed after the FTX collapse. The BlockFi exchange filed for bankruptcy today as a result of the FTX contagion. New asset classes are being regulated globally.

Senator calls for crypto regulation

Cynthia Lummis, a pro-Bitcoin senator from Wyoming, believes that members of Congress should learn about the asset class in order to regulate it. By tweeting, "We WANT you in Wyoming," the senator invited Bitcoin miners last year, According to a Financial Times report

She stated, “I hope [FTX’s collapse] highlighted with members of Congress who have not taken the time to learn more about this asset class, that it’s time for them to learn more about it so we can engage in proper regulation.”

After FTX collapsed, the Securities and Exchange Commission (SEC) is under pressure. Securities and Exchange Commission chairman Gary Gensler has been criticized by Congressman Tom Emmer. He says:

“We need to get to the bottom of this—we need to understand why Gary Gensler and the SEC were not doing their job.”

The European Commission is calling for a wake-up call on regulation

European Central Bank official Elizabeth McCaul says recent crypto market events should serve as a wake-up call to regulators worldwide.

“I would call for great harmonization among various regulatory frameworks in place so that gaps don’t occur that are missed by regulators,”  she said at the FT Crypto and Digital Asset Summit. Bank of England Deputy Governor, Jon Cunliffe, says cryptocurrencies should be regulated more strictly. Last month, EU commissioner for financial services Mairead McGuinness called for comprehensive crypto regulations.

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