U.S Deputy Treasury calls for cooperation on crypto

STORY: Adeyemo said 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.