REUTERS NEXT: U.S. Treasury’s Adeyemo calls for global cooperation on crypto regulations

According to US Deputy Treasury Secretary Wally Adeyemo on Thursday, the failure of the cryptocurrency exchange FTX, based in the Bahamas, highlights the necessity for the United States to work with other nations to create comprehensive international laws for the crypto sector.

Adeyemo stressed the significance of setting up regulatory frameworks to safeguard consumers, investors, and financial stability as well as to prevent unauthorized uses of cryptocurrencies at the Reuters NEXT conference. He claimed that the effort needed to be expanded because FTX was not an American company.

"This is a worldwide occurrence. And when we consider innovations like cryptocurrencies, we'll need to work closely with our international allies to build a regulatory system in a framework that helps us to ensure we protect the global economy, Adeyemo told Reuters NEXT.