“Urgent” Cryptocurrency Call from European Authorities!

Central bankers and financial regulators, constituting the European arm of the Financial Stability Board, have given the “recent developments” cryptocurrencies discussed the urgent need for regulation and supported the October report on stablecoins.

European Financial Regulators Announce an Urgent Need to Regulate Cryptocurrency Holdings and Exchanges

According to the press release, Europe’s finance leaders agreed that there is an urgent need to regulate “so-called crypto holdings and exchanges that vertically integrate multiple functions.”

There is no direct reference to the collapse of FTX in the statement, but these statements are included in the framework of the failure of the exchange.

European Commission and European Banking Authority leaders, who attended the regular meeting in Lisbon with the group of European G20 members that make up the Financial Stability Board Europe, also expressed their intention to tighten regulations on digital assets.

Members of the Financial Stability Board also referred to the central banks group’s October reports on the regulation of stablecoins and digital currencies.

Comments on the Financial Stability Board’s crypto regulations will continue until December 15, with a final report of regulatory recommendations expected in the summer of 2023.

White House Press Secretary Karine Jean-Pierre also told reporters today, that the White House was concerned about the collapse of FTX and bitcoin and said that he was watching the movement in the crypto money markets.

The Biden administration has renewed its call for more rules on cryptocurrencies in the US.

Earlier this year, President Joe Biden issued an executive order calling for a review of digital asset regulations.

*Not investment advice.