The recent failure of a major cryptocurrency exchange and its impact on holders and investors of crypto assets demonstrate the need for more effective oversight of crypto markets, US Treasury Secretary Janet Yellen said on Wednesday.
Treasury and other regulators identified risks in crypto markets over the past year and some of them were “at the center of the crypto market stresses observed over the past week,” Yellen said in a statement, without directly naming collapsed crypto exchange FTX.
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“The federal government, including Congress, also needs to move quickly to fill the regulatory gaps the Biden administration has identified,” Yellen added.
