Treasury and othe regulators identified risks in crypto markets over the past year and some of them were "at the center of the crypto market stresses observed over the past week," Yellen said in a statement, without directly naming collapsed crypto exchange FTX.

"The federal government, including Congress, also needs to move quickly to fill the regulatory gaps the Biden administration has identified," Yellen added.

(Reporting by Katharine Jackson and Ismail Shakil; Editing by Caitlin Webber)