Janet Yellen: FTX Krah showed the “weaknesses” of the crypto industry

Janet Yellen: FTX Krah showed the “weaknesses” of the crypto industry

The FTX incident showed that the cryptocurrency industry needs “very careful regulation”. This opinion was expressed by US Finance Minister Janet Yellen, writes Bloomberg.

“This shows weaknesses of the entire sector,” she emphasized.

The head of the Ministry of Finance added that the consequences of the collapse of the empire of Sam Bankman-Frida could be worse if the cryptocurrency market was more closely intertwined with the traditional financial system.

“At least he is not so deeply integrated with our banking sector and is currently not more serious threats to financial stability,” Yellen said.

Earlier, a member of the House of US Representatives Brad Sherman accused cryptocurrency billionaires of lobbying for his interests in Washington to contain digital asset regulations. He called for the investigation of the FTX crisis and recalled the participation of structures related to Bankman-Fried in the support of politicians.

Recall Crypto Market News, , on November 11, FTX Group submitted an insolvency application in accordance with Chapter 11 of the US Code of Bankruptcy. Bankman-Frida left the post of CEO.

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