ICYMI: Yellen calls for ‘more effective oversight’ of crypto markets
U.S. Treasury Secretary Janet Yellen said the FTX collapse shows why crypto markets need more effective oversight.
The collapse of crypto exchange FTX is proof digital asset markets need more effective oversight, according to U.S. Treasury Secretary Janet Yellen. Yellen's statement comes after FTX filed for bankruptcy protection, sending waves through crypto markets. The troubled exchange had been valued at $32 billion at its peak in January.
Lawmakers are already taking a closer look at FTX after the exchange collapsed following a run on its utility token. The House Financial Services Committee is, and “expects” to hear from former CEO Sam Bankman-Fried, among others, Committee Chair Maxine Waters said in a statement.
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