,"FTX isn't an anomaly. Its collapse isn't just a case of one corrupt guy stealing money. It's about an entire industry that refuses to comply with existing regulation, that thinks it's above the law.", SBF challenges claims that have been made about what happened with FTX and the financial status of specific subsidiaries, while at the same time stating that he can't help more because he no longer has access to company information.
On Wednesday, the Senate Committee on Banking, Housing, and Urban Affairs is planning to hold a hearing titled"Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers." Among the scheduled speakers, Professor Hilary Allen, American University Washington College of Law, in[PDF] urges regulators to keep cryptocurrency outside the banking system as a matter of safety and argues the CFTC should not be the primary regulatory for crypto due to its lack of any investor protection mandate and its self-certification regime.
"A ban on crypto would be the most straight-forward way of protecting both investors and the financial system: it would end the uncontrolled creation of cryptoassets and also ensure that cryptoassets never require a bail-out," Allen's transcript says.
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