U.S. Treasury Secretary Janet Yellen says the crypto industry doesn't have adequate regulation, calling the FTX collapse 'a Lehman moment.' cryptocurrency
US Treasury's Yellen Says Crypto Doesn't Have Adequate Regulation — Calls FTX Collapse 'a Lehman Moment'
Yellen proceeded to comment about the meltdown of FTX, which filed for bankruptcy on Nov. 11. The crypto exchange owes its 50 biggest creditors more than $3 billion, and an estimated one million customers and other investors are facing total losses in the billions of dollars due to its collapse. She opined:
The treasury secretary also revealed that the U.S. is discussing cryptocurrency regulations with allies and the Treasury Department has mapped out “significant” concerns regarding crypto. She noted that ensuring the protection of customer assets and segregation of those assets are among top priorities.
It’s a Lehman moment within crypto, and crypto is big enough that we’ve had substantial harm with investors.
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