The Deputy Minister Of Finance Of The US Enforces The Need For Effective International Regulations To Regulate Crypto Trading

U.S. Deputy Secretary of Finance, Wally Adeyemo (photo: twitter @wallyadeyemo)

JAKARTA - The collapse of the Bahamas-based cryptocurrency exchange of FTX shows the need for the United States to cooperate with other countries to develop effective international regulations for the crypto sector. This was revealed by the Deputy Secretary of the US Finance, Wally Adeyemo on Thursday, December 1.

Adeyemo told a Reuters NEXT conference that it is important to build regulatory regimes to protect investors, consumers and financial stability and block the use of illegal cryptocurrencies. According to him FTX is not a US-based company, the effort should be expanded.

"This is a global phenomenon. That is, we have to work with our international partners to design regulatory regimes within a framework that helps us ensure that we protect the global economy as we think about innovation. Like cryptocurrencies," Adeyemo told Reuters.

Previously, US Treasury Secretary Janet Yellen, who is still detrimental to cryptocurrencies, seemed skeptical of the development of cryptocurrencies. But she admits that it is important to ensure that crypto assets have adequate customer protection.