U.S. Treasury's Yellen: more effective oversight needed for crypto markets

FILE PHOTO: U.S. Treasury Secretary Janet Yellen speaks at a news conference during the Annual Meetings of the International Monetary Fund and World Bank in Washington, U.S., October 14, 2022. REUTERS/Elizabeth Frantz/File Photo

WASHINGTON (Reuters) - The recent failure of a major cryptocurrency exchange and its impact on holders and investors of crypto assets demonstrate the need for more effective oversight of crypto markets, U.S. Treasury Secretary Janet Yellen said on Wednesday.

Treasury and othe regulators identified risks in crypto markets over the past year and some of them were "at the center of the crypto market stresses observed over the past week," Yellen said in a statement, without directly naming collapsed crypto exchange FTX.

"The federal government, including Congress, also needs to move quickly to fill the regulatory gaps the Biden administration has identified," Yellen added.

(Reporting by Katharine Jackson and Ismail Shakil; Editing by Caitlin Webber)

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