U.S. Treasury Secretary Janet Yellen says that the collapse of crypto exchange FTX shows that the crypto industry “really needs to have adequate regulation.” She added: “It’s a Lehman moment within crypto, and crypto is big enough that we’ve had substantial harm with investors.”
Treasury Secretary Janet Yellen on FTX Implosion and the Need for Adequate Crypto Regulation
U.S. Treasury Secretary Janet Yellen talked about the need for adequate crypto regulation following the collapse of crypto exchange FTX at an event hosted by the New York Times Dealbook Wednesday. She said:
I have been skeptical, and I remain quite skeptical.
While emphasizing the importance of ensuring that crypto assets have adequate customer protections, the treasury secretary noted that it is also important to remain open to financial innovations, particularly those that could lower cross-border transaction costs and help improve financial inclusion.
Yellen proceeded to comment about the meltdown of FTX,
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