“Comingling of customer assets, lack of transparency, and conflicts of interest” were “at the center of the crypto market stresses” over the past week, Treasury Secretary Janet Yellen said while calling for more effective crypto industry oversight.
The implosion of crypto exchange FTX is about to come in for more scrutiny in Washington, with a key House committee announcing a hearing and Treasury Secretary Janet Yellen saying more effective industry oversight is needed.
On Wednesday, House Financial Services Committee Chair Maxine Waters, a California Democrat, and the panel’s top Republican, Rep. Patrick McHenry of North Carolina, announced in a statement that they plan to hold a hearing in December focused on “the collapse of FTX and the broader consequences for the digital asset ecosystem.”
Congress and the federal government must “move quickly to fill the regulatory gaps the Biden Administration has identified” where existing rules don’t offer enough investor protection, she said.
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