MicroStrategy executive chairman Michael Saylor reacts to the fall of FTX on ‘Making Money.’
Treasury Secretary Janet Yellen on Wednesday called for more robust oversight of cryptocurrency markets after the stunning collapse of crypto exchange FTX, which plunged the trillion-dollar industry into chaos last week.
"The recent failure of a major cryptocurrency exchange and the unfortunate impact that has resulted for holders and investors of crypto assets demonstrate the need for more effective oversight of cryptocurrency markets," Yellen said in a statement.
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.
"We have very strong investor and consumer protection laws for most of our financial products and markets that are designed to address these risks," Yellen said. "Where existing regulations apply, they must be enforced rigorously so that the same protections and principles apply to crypto assets and services."
INSIDE THE COLLAPSE OF CRYPTO EXCHANGE FTX: EVERYTHING YOU NEED TO KNOW