The downfall of crypto exchange FTX has created the need for additional oversight of the digital asset marketplace, according to Treasury Secretary Janet Yellen
Treasury Secretary Janet Yellen on Wednesday called for more robust oversight ofafter the stunning collapse of crypto exchange FTX, which plunged the trillion-dollar industry into chaos last week.
The Treasury Department and other regulators have identified risks in crypto markets over the past year, including the "comingling of customer assets, lack of transparency, and conflicts of interest," she said. Sam Bankman-Fried, founder and CEO of FTX Cryptocurrency Derivatives Exchange, speaks during the Institute of International Finance annual membership meeting in Washington, D.C., on Oct. 13, 2022.
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