U.S. Treasury’s Adeyemo calls for global cooperation on crypto regulations

WASHINGTON, Dec 1 (Reuters) – The collapse of Bahamas-based cryptocurrency exchange FTX highlights the need for the United States to work with other countries to develop effective international regulations for the crypto sector, the US Deputy Secretary of the Treasury, Wally Adeyemo, said on Thursday.

Adeyemo told the Reuters NEXT conference that it is important to set up regulatory regimes to protect investors, consumers and financial stability and block illegal uses of cryptocurrencies. Because FTX was not a US-based firm, the effort needed to broaden, he said.

“This is a global phenomenon. And what that means is that we will have to work closely with our international partners to design a regulatory regime in a framework that helps us make sure that we protect the global economy while think about innovation. like cryptocurrency,” Adeyemo told Reuters NEXT.

To watch the Reuters NEXT conference live on November 30 and December 1, please click here [https://www.reuters.com/world/reuters-next/]

Reporting by Dan Burns and David Lawder; Editing by Chizu Nomiyama

Our Standards: The Thomson Reuters Trust Principles.

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