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, US Treasury Secretary Wally Adeyemo said on Thursday.
Adeyemo said at 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. He said that the effort must be broadened because FTX was not a US-based firm.
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 helps them to protect the global economy as we think about innovation likeCryptocurrencies.