U.S. lawmakers scramble to regulate crypto in wake of FTX turmoil

Lawmakers are generally in agreement that crypto firms should have greater regulation, but there are divergent views on how the industry should be regulated.

"It is time for Congress to make the crypto industry follow the same money-laundering rules as everyone else," U.S. Senator Elizabeth Warren said during a hearing of the key Senate Banking Committee. Republican Senator Pat Toomey, the ranking member of the Banking Committee, said he did not think the money-laundering rules were well-suited to crypto, describing existing anti-money laundering technology as "archaic."

Each of the hearing's witnesses - which included actor and crypto skeptic Ben McKenzie Schenkkan and "SharkTank" television personality and FTX investor Kevin O'Leary - said they believe there is likely more fraud to be found in the crypto world.

The problem is not crypto. The problem is corrupt politicians, corrupt media, and a well-connected con-artist who was allowed to prosper. Corruption from top to bottom. POTUS RepMaxineWaters SenWarren nytimes CNBC business Forbes MSNBC NewsHour

Crypto users scramble to leave U.S. based overreach in wake of SenWarren ridiculously rerarded new bill.

The dems got theirs, so they're slammin' the door typical democrats

U.S. lawmakers scramble to find their moral compass in wake of FTX turmoil.

Scramble... now that they used all their illgotten gain election money 💰!

Hurry we need to regulate it before they realize we are the ones that broke it.

Just ban it totally.

Isn't that so? Make it your way out of every crisis. :D

Why regulate it? Is it the job of government to save people from their own stupidity? People who bought into did so knowing that governments were not involved in it or provided protection. That was part of the allure. You can't cure stupid especially if it is a greed infection.

Crypto exchanges* anything to fit their narrative/agenda

Is SenWarren going to give the campaign contributions back that she received from Sam Bankman-Fried?

Sure you can trust this administration so competent

Now that the market has crashed and the CEOs can't donate millions of $ what good are they?

Too little, too late.

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SEC charges Samuel Bankman-Fried with defrauding investors in FTX TradingThe Securities and Exchange Commission said Tuesday it has charged Samuel Bankman-Fried with orchestrating a scheme to defraud equity investors in FTX... They picked him up just in time to prevent him from telling congress what his millions bought him from democrats. Shocking Why hasn’t he been arrested already? Will the victims get the money back from politicians who profited from the fraud? Or will one of these politicians decide he needs to commit suicide?
Source: MarketWatch - 🏆 3. / 97 Read more »

'Old-fashioned embezzlement': FTX CEO testifies to Congress; founder Sam Bankman-Fried arrested: recapNew CEO John J. Ray of the bankrupt cryptocurrency exchange FTX testifies before a congressional panel. Indictment against Sam Bankman-Fried unsealed. And don't forget you contributed illegally to the Democrats Do you actually think anything would become of this
Source: DispatchAlerts - 🏆 72. / 68 Read more »