Janet Yellen: FTX meltdown shows need for ‘more effective oversight’ of crypto

Secretary Treasury Janet Yellen claimed that the crypto exchange FTX’s collapse last week has demonstrated “the need for more effective oversight of cryptocurrency markets.”

Yellen claimed that reports generated by the Treasury Department in response to President Biden’s September executive order on digital assets identified many of the risk factors at play in FTX’s collapse and subsequent bankruptcy, implying that had those reports turned into policy, the calamity could have been prevented.