It’s important to regulate the financial sector to keep investors, consumers and the system stable.

U.S. Deputy Secretary of the Treasury Wally Adeyemo explained yesterday that the implosion of Bahamas-based FTX shows the need for “greater collaboration” with other countries to develop crypto regulations, Reuters reported on Thursday.

To protect people, to maintain the stability of the global economy and to hinder illegal use, Adeyemo said at the Reuters NEXT conference in Washington, D.C.

“Cryptocurrency is a global phenomenon,” Adrian reiterated according to the report. Which means we’re going to need to work closely with our international counterparts in order to design a regulatory system that will help protect the global economy.