Treasury Secretary Janet Yellen joined the growing chorus of Washington leaders calling for action in the aftermath of the collapse of crypto exchange FTX last week, saying on Wednesday that the meltdown demonstrated “the need for more effective oversight of cryptocurrency markets.” In a statement, Yellen claimed that Treasury Department reports generated in response to President Biden’s September executive order on digital assets identified many of the risk factors at play in FTX’s collapse and subsequent bankruptcy, implying that the calamity could have been avoided if those reports had become policy.
