{"id":70061,"date":"2022-11-14T19:47:22","date_gmt":"2022-11-14T17:47:22","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70061"},"modified":"2025-09-07T23:51:34","modified_gmt":"2025-09-07T20:51:34","slug":"janet-yellen-ftx-collapse-reveals-weak-spots-in-the-crypto-industry","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/janet-yellen-ftx-collapse-reveals-weak-spots-in-the-crypto-industry\/","title":{"rendered":"Janet Yellen: FTX Collapse Reveals ‘Weak Spots’ in the Crypto Industry"},"content":{"rendered":"

The FTX incident showed that the cryptocurrency industry needs ‘very close regulation.’ This view was voiced by U.S. Treasury Secretary Janet Yellen, Bloomberg<\/a> reports.<\/p>\n

\n

“This shows the weak spots across the entire sector,” she emphasised.<\/p>\n<\/blockquote>\n

The Treasury chief added that the consequences of the collapse of Sam Bankman-Fried<\/a>‘s empire could have been worse if the cryptocurrency market had been more tightly interwoven with the traditional financial system.<\/p>\n

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“At least, it is not as deeply integrated with our banking sector and at the moment does not pose more serious threats to financial stability,” Yellen said.<\/p>\n<\/blockquote>\n

Earlier, U.S. Representative Brad Sherman accused crypto billionaires<\/a> of lobbying in Washington to curb regulation of the digital-assets industry. He called for an investigation into the FTX crisis and reminded of the involvement of entities connected to Bankman-Fried in backing politicians.<\/p>\n

As reported, on November 11 FTX Group filed for bankruptcy protection<\/a> under Chapter 11 of the U.S. Bankruptcy Code. Bankman-Fried stepped down as CEO.<\/p>\n

Follow ForkLog’s Bitcoin news in our Telegram<\/a> \u2014 crypto news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

The FTX incident showed that the cryptocurrency industry needs ‘very close regulation.’ This view was voiced by U.S. Treasury Secretary Janet Yellen, Bloomberg reports.<\/p>\n","protected":false},"author":1,"featured_media":70062,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1236,2085,36],"class_list":["post-70061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ftx","tag-janet-yellen","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=70061"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70061\/revisions"}],"predecessor-version":[{"id":70063,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70061\/revisions\/70063"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/70062"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=70061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=70061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=70061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}