U.S. calls for international cooperation on cryptocurrency

WASHINGTON The collapse of the Bahamas-based FTX points out the need for the United States to cooperate with other countries to develop effective international regulations for the sector of cryptocurrencies, according to Wally Adeyemo, U.S. Deputy Treasury Secretary.

Adeyemo told the Reuters NEXT conference that it was important to erect regulatory regimes to protect investors, consumers and financial stability and block illicit uses of cryptocurrencies. Because FTX was not a U.S. firm, the effort must be broadened, he said.

This is a global phenomenon. Adeyemo told Reuters NEXT that they're going to have to work closely with their international partners to design a regulatory regime that protects the global economy as we think about innovation likeCryptocurrencies.