Yellen calls for 'more effective oversight' of crypto markets

Quick Take

  • U.S. Treasury Secretary Janet Yellen said the FTX collapse shows why crypto markets need more effective oversight.
  • Congress should step in and fill regulatory gaps, Yellen said, emphasizing a series of digital asset reports the Biden Administration released earlier this fall.

The collapse of crypto exchange FTX is proof  digital asset markets need more effective oversight, according to U.S. Treasury Secretary Janet Yellen. 

“Further interconnections of the traditional financial system and crypto markets could raise broader financial stability concerns,” Yellen said in a statement on recent market developments. “Going forward, it’s vital we do what is necessary to address these concerning risks and act to protect consumers and promote financial stability.”

Yellen's statement comes after FTX filed for ba