U.S. Deputy Treasury Secretary Wally Adeyemo said Thursday that the implosion of Bahamas-based FTX showed the need for the U.S. to work with other countries to create international crypto regulations, Reuters reported on Thursday.
Doing so is important for the protection of investors, consumers and global financial stability, as well as to prevent illegal uses of cryptocurrencies, Adeyemo said at the Reuters NEXT conference in Washington, D.C.
“[Crypto] is a global phenomenon,” Adeyemo , according to the report. “And what that means is that we’re going to have to work closely with our international partners to design a regulatory regime in a framework that helps us to make sure we protect the global economy as we think about innovation like cryptocurrency.”
Read more: US Wants to Promote ‘Responsible Innovation,’ Deputy Treasury Secretary Says
