Sherrod Brown, chair of the United States Senate Banking Committee, has called on Treasury Secretary Janet Yellen to work with financial regulators and lawmakers on comprehensive crypto legislation “in the wake of FTX’s implosion.”
In a Nov. 30 letter to Yellen, Brown requested the Treasury secretary coordinate with regulators to address crypto based on recommendations from the Financial Stability Oversight Committee, or FSOC. The committee chair cited crypto exchange FTX’s “alarming fraud,” liquidity crunch and bankruptcy as examples of financial risks that should not “spillover into traditional financial markets and institutions.”