U.S. Treasury Secretary: The FTX collapse proves that the digital asset market needs effective oversight, and Congress should intervene to fill the regulatory gap

ChainCatcher News, U.S. Treasury Secretary Yellen stated that the collapse of the cryptocurrency exchange FTX demonstrates the need for more effective oversight of the digital asset market. "The further interconnection of the traditional financial system and the crypto market could raise broader financial stability concerns. Looking ahead, we must take necessary measures to address these troubling risks and take action to protect consumers and promote financial stability."

Yellen indicated that Congress should intervene and fill the regulatory gaps, emphasizing a series of digital asset reports released by the Biden administration earlier this year. (Source link)