ess than a month after the stunning collapse of the crypto exchange FTX, Congress held its first hearing on Thursday on what Washington should do amid the fallout. Senators called for swift legislative action to safeguard consumers but many disagreements still exist over the shape of those actions. Debates will likely continue for months on how, exactly, crypto should be regulated in the U.S.
Many senators voiced support for the Digital Commodities Consumer Protection Act, a bill sponsored by Stabenow and Boozman and aims to give the CTFC greater control over crypto. But another bill from Senators Kirsten Gillibrand, a New York Democrat, and Cynthia Lummis, a Wyoming Republican, the Responsible Financial Innovation Act, is competing for attention.
Senator Elizabeth Warren, a Massachusetts Democrat who is often a leading progressive voice on regulations, was not present at Thursday’s hearing, but will likely present formidable opposition to any bill that is remotely friendly to crypto: At a Senate Banking Committee hearing this week, sheAt the moment, the CFTC is jockeying for regulatory control over crypto with the Security Exchange Commission and other agencies.
Behnam admitted at the hearing to meeting with Bankman-Fried ten times over the last couple years in his office. But he said that the meetings were related to FTX’s “dogged” pursuit of a proposal that would let investors make sophisticated bets with borrowed money directly on FTX instead of through a broker. The proposal was highly controversial, with detractors arguing it could destabilize markets.
Behnam said that the bill would have to be “strengthened” in the wake of the FTX crash, including with regard to conflicts of interest and the financial information cryptocurrency exchanges should be required to disclose.While Behnam and some senators used the hearing to push hard for the Digital Commodities Consumer Protection Act, the bill has received criticism from both crypto supporters and skeptics.
I bet time is still proud of having Hitler man of the year, not much change with Time corruption
I thought Taylor Swift took precedence?
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Sam Bankman-Fried says he ‘never tried to commit fraud’ at FTX\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT. Liar liar pants on fire..... Brother just DID it. 😭 Crypto by definition is a fraud. PonziScheme
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Sam Bankman-Fried’s hedge fund took big hit to prop up FTX exchange\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT. respectfully: this is a dog shit headline WTF is this buIIsh!t?!?
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