U.S. Treasury Secretary Yellen: The FTX collapse exposed the weaknesses in the cryptocurrency industry, and the U.S. government is considering regulation

ChainCatcher news, according to CoinDesk, U.S. Treasury Secretary Janet Yellen stated that FTX exposed the vulnerabilities of the crypto industry, and the U.S. government is considering regulating the industry under President Biden's executive order.

Yellen added that if the ties between crypto and the traditional financial system were closer, the impact of FTX's bankruptcy restructuring could be worse; at least FTX was not deeply integrated with the banking sector, so it does not pose a broader threat to financial stability. (CoinDesk)