WASHINGTON (Reuters) - The collapse of Bahamas-based cryptocurrency exchange FTX points up the need for the United States to cooperate with other countries to develop effective international regulations for the crypto sector, U.S. Deputy Treasury Secretary Wally Adeyemo said on Thursday.
Adeyemo told the Reuters NEXT conference that it was important to erect regulatory regimes to protect investors, consumers and financial stability and block illicit uses of cryptocurrencies. Because FTX was not a U.S.-based firm, the effort must broadened, he said.
"This is a global phenomenon. 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," Adeyemo told Reuters NEXT.
To view the Reuters NEXT conference live on Nov. 30 and Dec. 1, please click here [https://www.reuters.com/world/reuters-next/]
(Reporting by Dan Burns and David Lawder; Editing by Chizu Nomiyama)