US Treasury Secretary Janet Yellen, who is in Bali for the G20 summit, told CBS News today. FTX bankruptcy and cryptocurrency He talked about his units.
Yellen, who has spoken before about FTX’s bankruptcy, highlighted the need for regulation. Reiterating these statements, Yellen described cryptocurrencies as dangerous.
Yellen said the collapse of FTX should be taken as a warning not to invest in financial products that are extremely risky and lack proper regulation.
“I think this is an area where investors and consumers really need to be very careful. We have very strong investor and consumer protection laws for most of our financial markets. But in some ways there is a lack of regulation in the cryptocurrency space.”
Reminding that the Biden administration drew attention to regulatory gaps in cryptocurrencies, Yellen attributed what happened with the collapse of FTX to the lack of proper supervision and regulation.
“I cannot give specific advice to Americans on what to invest or not invest their money in, but cryptocurrencies are extremely risky assets and in some ways even dangerous. Therefore, people need to be very careful about their transactions in this area.”
“Inflation Will Fall in 2023”
Speaking about inflation, Yellen stated that she expects inflation to decrease in the US next year. She added that uncertainty about global inflation continues.
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