“I’ve been skeptical, and I’m still pretty skeptical,” she said, adding that it’s important to stay open to financial innovations, especially if they can lower the cost of cross-border transactions and help improve financial inclusion, though she said that wasn’t it. what recent events had accomplished.
“I think everything we’ve seen in the last two weeks, but also before, says that this is an industry that really needs to have proper regulation. And it doesn’t,” he said.
The FTX cryptocurrency exchange, which filed for bankruptcy in Delaware on November 11, said it owes its 50 largest creditors almost $3.1 billion. Its collapse left a million customers and other investors facing total losses in the billions of dollars.
Yellen said the United States is participating in talks with allies on cryptocurrency regulation and that the Treasury Department had also produced a series of reports outlining “significant” concerns.
A key priority, he said, would be to ensure the protection of client assets and the segregation of those assets to avoid problems such as observed with FTX.
“The good thing about an explosion like the one we saw is that it has not spilled over into the banking sector. Banking regulators have been very careful with cryptocurrencies,” he said.
Source: Ambito
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