Janet Yellen says the collapse of cryptocurrency exchange FTX should serve as a warning to Americans about investing their money in 'extremely risky' financial products traded in a space lacking 'appropriate supervision and regulation.'
, which sent shockwaves through the crypto world last week with its bankruptcy filing, should serve as a warning to Americans about investing their money in"extremely risky" financial products traded in a space lacking"appropriate supervision and regulation."
"We have very strong investor and consumer protection laws for most of our financial markets, but in some ways the crypto space has inadequate regulation." FTX's creditors will be first in line to receive whatever assets a bankruptcy judge deems appropriate to distribute as the company seeks to restructure as part of its Chapter 11 filing. Investors in the Bahamas-based company, which had raised some $2 billion in venture capital, will be second in line. That means FTX account holders, who used the platform to trade bitcoin, solana and other digital currencies, may have toThe Treasury chief described the U.S.
One major U.S. supplier's warning of a"shortage" on the East Coast earlier this month sparked rumors that the fuel could even run out.told CBS MoneyWatch the tight supplies were no reason to panic
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