White House Calls on Congress to ‘Step Up Its Efforts’ on Crypto Regulation

Though FTX was not directly named in the statement, the presence of the now-defunct crypto exchange loomed large over the officials’ guidance, which called 2022 “a tough year for cryptocurrencies” plagued by the implosion of “a so-called ‘stablecoin’ prompting a wave of insolvencies” and the subsequent collapse of “a major cryptocurrency exchange.”