Janet Yellen Calls Again For Tightening Cryptocurrency Market Regulation

U.S. Treasury Secretary Janet Yellen has once again expressed interest in the crypto market, arguing that it needs more scrutiny following the collapse of FTX.

Yellen mentioned a major cryptocurrency exchange that recently collapsed, none other than FTX, in a comment:

“The recent failure of a major cryptocurrency exchange and the unfortunate impact that has resulted for holders and investors of crypto assets demonstrates the need for more effective oversight of cryptocurrency markets.”

The crypto industry is suffering heavily in the wake of this event, and the loss of investors has sparked interest in the Biden administration. According to the U.S. Treasury Secretary:

“Where existing regulations apply, they must be enforced strictly so that the same protections and principles apply to crypto assets and services. The federal government, including Congress, also needs to move quickly to fill the regulatory gaps the Biden Administration has identified.”

Despite the unrest in the cryptocurrency markets, Yellen also claimed that there hadn’t been much of a spillover into other financial markets. The Financial Stability Oversight Council, which she chairs, issued a recent warning, which was taken note of by the Treasury secretary.

“In terms of financial stability, spillovers from the events in crypto markets have been limited, but a recent report by the Financial Stability Oversight Council, which Treasury chairs, warned that further interconnections of the traditional financial system and crypto markets could raise broader financial stability concerns.”

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