U.S. Treasury Secretary Surprised by FTX Collapse Is Encryption Industry's 'Lehman Moment'

U.S. Treasury Secretary Yellen said at the DealBook summit in New York that the collapse of cryptocurrency exchange FTX was a "Lehman moment" for the cryptocurrency industry, adding that "I remain skeptical." Yellen emphasized the importance of being open to financial innovation, noting that the technology behind cryptocurrencies has the potential to provide faster and cheaper transactions, however faster and cheaper must be robust enough to provide adequate consumer protection. At the same time, she expressed surprise at the collapse of FTX, and said that she did not know SBF, the founder of FTX.