The turbulence in the crypto world is now calling for action from the US Treasury Department. Following the collapse of the FTX stock market, Treasury Secretary Janet Yellen has called for greater oversight of the market.
Her ministry and other regulators have identified risks in crypto markets over the past year, including a lack of transparency and conflicts of interest, the minister said in a statement. At the same time, consumer protection needs to be strengthened.
FTX filed for bankruptcy protection last week after customers pulled out en masse in response to the secret move of $10 billion in deposits. The bankruptcy also put politics to work: the US House of Representatives is planning a hearing.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
