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The recent collapse of the Bahamas-based cryptocurrency exchange FTX points to the clear need for US cooperation with other states to develop an effective international system for regulating the cryptocurrency industry. This conclusion was reached by US Deputy Secretary of the Treasury Wally Adeyemo.
The official spoke at the Reuters NEXT conference, where he noted that it is critical to establish regulatory regimes to protect the rights of retail investors and maintain financial stability. He also emphasized the need to stop any hints of unauthorized actions with digital assets. Given the fact that FTX has never worked in US jurisdiction, efforts to control the crypto industry need to be expanded, the expert emphasized.
Wally Adeyemo stressed that the bankruptcy of such a large corporation was a global event for the entire market. And this means that the United States, together with international partners, needs to join forces in creating an effective strategy for crypto regulation.
He emphasized that the protection of retail consumers and the global economy should remain a priority when it comes to innovative niches such as digital assets.
Earlier, the editors of Crypto.ru informed: recently the head of the Fed, Jerome Powell, spoke at the Brooking conference, where he spoke about the future prospects of the regulator’s monetary policy. The official stressed that inflation in the US is still quite high. Positive shifts are taking place, but fundamentally it is difficult to predict the situation now. At the same time, he emphasized that in the future, much more evidence will be needed that the inflationary dynamics has begun to slow down.
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