Treasury Secretary Janet Yellen – who, despite being an economist, could not predict that the United States is heading for the worst period of inflation in more than 40 years – said that the failure of the FTX exchange is exactly why the country should focus on it. crypto system.
Janet Yellen talks about crypto policy
In a recent interview, Yellen said:
The recent failure of major cryptocurrency exchanges and the negative impact it has on holders and investors of crypto assets shows the need for more effective management of the cryptocurrency market. We have investor and customer protection policies for many of our products and financial markets designed to address these risks.
Where existing laws apply, they must be strictly applied to the same protections and regulations that apply to crypto assets and services. Yellen isn’t the only one using the situation to make calls for crypto regulation. Not long ago, Maxine Waters – a Democrat from California and the head of the House Financial Services Committee – promised that her members will look into what happened to FTX and see the proper implementation of crypto laws soon so that situations like this do not happen. again. In a statement, Waters said:
The collapse of FTX caused a huge blow to over a million users, many of whom were ordinary people who had invested their hard-earned money in the FTX cryptocurrency exchange, only to see it all disappear in seconds. Unfortunately, this event is just one of many examples of cryptocurrency platforms collapsing in the past year. Yellen added:
Going forward, we need to take the necessary steps to address these concerns and take action to protect consumers and promote financial stability.
FTX may go down in crypto history as one of the worst mistakes. Long considered a top player in digital assets, the exchange ran into a major crisis in mid-November when it reportedly ran out of cash, meaning it ran out of cash and needed more help.
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Binance said “No way!”
The company turned against the largest Binance and talked about a possible merger, but although it seemed that things were moving in that direction for a few days, Binance later backed down and said that The problems faced by FTX are too big for him. hands. . From there, FTX was forced into bankruptcy proceedings and its founder Sam Bankman-Fried resigned from his position.
The concept of the regulation has been a hotly debated topic, with some saying it will make the crypto space legitimate and mainstream, and others saying the law is counterproductive. all that money means. those found in traditional methods. money.
