Janet Yellen says FTX collapse shows cryptocurrencies are "risky… even dangerous" investments
CBSN
Treasury Secretary Janet Yellen has told CBS News that the spectacular collapse of cryptocurrency exchange FTX, which sent shockwaves through the crypto world last week with its bankruptcy filing, should serve as a warning to Americans about investing their money in "extremely risky" financial products traded in a space lacking "appropriate supervision and regulation."
FTX, one of the world's largest cryptocurrency exchanges, crumbled in the space of only about one week, and both the company and its former CEO, Sam Bankman-Fried, are now being investigated in the U.S. and other nations for possible securities violations. While the fallout from FTX's collapse has largely been limited to the crypto finance markets, Yellen joined a rising chorus of experts and officials around the world suggesting the digital currency industry should face more regulation.
"I think this is a space where investors and consumers should really be very careful," Yellen told CBS News correspondent Nancy Cordes in a wide-ranging interview in Bali, where the Treasury Secretary was attending the G20 summit alongside President Biden. SHe
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