The FTX affair shook the crypto ecosystem, and showed that no centralized platform is immune to a potential collapse. Sam Bankman-Fried’s venture has set a milestone for regulators, who have called for more oversight of the sector. Including US Treasury Secretary Janet Yellen, who called the case a “Lehman moment”.
The US Treasury Secretary discusses the FTX affair
The Secretary of the Treasury raised the subject in the Dealbook conference of the New York Times. If the name sounds familiar to you, it is precisely the event where Sam Bankman-Fried was again invited this week. Janet Yellen unsurprisingly showed great distrust when it comes to cryptocurrencies, and regretted the fallout from the FTX affair:
“It’s a Lehman moment [Brothers] with the cryptos, and the cryptos are big enough that there was consequential damage to investors. »
As a reminder, the bankruptcy of the investment bank Lehman Brothers in 2008 triggered the worst global financial crisis since the 1930s. too big to collapse”and she too was very connected to other crucial players.
Yellen welcomed that banking regulators ” have been very careful with cryptocurrency », which she says prevented the FTX affair from spreading to traditional finance. She also called for more regulation:
“I think with everything we have been through in recent weeks, but also earlier, it shows that this is an industry that really needs proper regulation. And she has none. »
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Regulators in unison
The reactions of the regulators have been chained since the bankruptcy of FTX. On the side of the Securities and Exchange Commission (SEC), Gary Gensler had pointed to an excessive centralization of the ecosystem, and also encouraged more regulation. In Europe, the President of the European Central Bank (ECB) Christine Lagarde said that a second initiative was going to have to be necessary :
“It will take a MiCA II, which encompasses more broadly what it aims to regulate and oversee, and that is very much needed. »
One thing is certain: the coming months should see the industry subject to more rules, and the reasons that caused FTX to fall will be examined with particular attention.
👉 To go further – Is a global regulation on cryptocurrencies in progress?
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Source: Reuters
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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