U.S. Treasury Secretary SecYellen says the collapse of FTX_Official has exposed the 'weaknesses of this entire sector' and calls for careful regulation. By iamsandali
, U.S. Treasury Secretary Janet Yellen said the industry needs"very careful regulation," Bloomberg reported Saturday.
“It shows the weaknesses of this entire sector,” Yellen said referring to the collapse of Sam Bankman-Fried's multibillion dollar enterprise – the same one that was, just months ago, looking to rescue other embattled crypto firms from the market crash earlier this year.from President Joe Biden. In the months leading up to the collapse, Bankman-Fried said he'd spent time conversing with lawmakers and regulators in Washington D.C. ahead of midterm elections. But after the exchange was locked in a liquidity crunch and quickly unraveled, Sen. Sherrod Brown and and Sen. Elizabeth Warren called for investigations.Congressman and crypto skeptic Brad Sherman says he will work with his colleagues at the House of Representatives to"examine options for federal legislation.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Treasury Secretary Janet Yellen says crypto must be regulated after FTX collapseThe collapse of cryptocurrency exchange FTX is proof digital assets markets need “very careful regulation,” US Treasury Secretary Janet Yellen said.
Read more »
Former US Treasury Secretary Larry Summers Compares FTX Collapse to Enron Fraud – Regulation Bitcoin NewsFormer Treasury Secretary Lawrence Summers compares crypto exchange FTX's collapse to Enron, noting that the case is a classic fraud.
Read more »
FTX CEO John Ray Confirms Late-Night Hack, Says Company Is Working With Law EnforcementNew FTX_Official CEO John Ray said the company is “in contact with, and are coordinating with law enforcement and relevant regulators” after last night’s hack. cheyenneligon reports
Read more »
FTX Founder Secretly Moved Funds Through Backdoor: FTX InsiderFTX insider has reportedly stated that recent FTX 'hack' was illegal withdrawal of funds from FTX to Alameda Research
Read more »
The Epic Collapse of Sam Bankman-Fried's FTX Exchange: A Crypto Markets TimelineThe crypto speculation – seen in the CoinDesk Market Index (CMI) – kept shifting through key developments in the swift unraveling of Sam Bankman-Fried's FTX, Alameda Research and liqquidity report
Read more »
Miami Heat's home arena will get new name after FTX collapseThe arena where the Miami Heat play will soon have a new name, after the team and Miami-Dade County decided Friday to begin actions to terminate their relationship with FTX on the same day that the cryptocurrency exchange filed for bankruptcy.
Read more »