US Treasury Secretary Yellen: The collapse of cryptocurrency exchange FTX demonstrates the need for oversight

The FTX incident will undoubtedly attract more and more regulatory attention as the situation develops. The role of the U.S. Treasury, as regulator of the world's main economy, will be especially prominent.

The reasons include not only the plight of client assets, but also the risk of a "snowball effect" in the crypto sector. And it is already starting to show. Yesterday, BlockFi filed for bankruptcy.