Senate banking chief urges U.S. Treasury to secure new crypto rules following FTX collapse

(Reuters) - A Democratic senator and chair of a key committee on Tuesday pressed U.S. Treasury Secretary Janet Yellen for help in securing legislation to better regulate cryptocurrency, the latest sign of mounting pressure for better regulations following the collapse of crypto exchange FTX.

Ohio Sen. Sherrod Brown also urged the Financial Stability Oversight Council (FSOC), a U.S. regulatory panel comprising top financial regulators, to find ways to enhance crypto asset disclosures and bolster market integrity.

"It is crucial that risks in this area are contained and do not spillover into traditional financial markets and institutions, and we draw the correct lessons regarding customer and investor protection," Brown said.

(Reporting by Hannah Lang in Washington)