NEW YORK/WASHINGTON: US senators on Wednesday pressed Congress to regulate cryptocurrency under existing financial rules, as lawmakers scramble to rein in the troubled industry after prosecutors filed criminal charges against FTX founder Samuel Bankman-Fried.
US prosecutors on Tuesday charged FTX founder Sam Bankman-Fried with money laundering and fraud, among other violations. The charges capped a stunning downfall for Bankman-Fried, who amassed a fortune valued over US$20 billion as he rode a cryptocurrency boom to build FTX into one of the world's largest exchanges before it abruptly collapsed this year.
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."
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Former FTX CEO Bankman-Fried arrested in Bahamas, US to unveil chargesSam Bankman-Fried, who founded and led FTX until a liquidity crunch forced the Bahamas-based cryptocurrency exchange to declare bankruptcy, was arrested on Monday (Dec 12) in the Bahamas after I want to learn how Temasek invested in his scam so easily. This big mouth SBF will likely spill the beans more. With that kind of money he should be hiding in Golden Triangle Thailand and became a warlord I wonder will the 'FOMO' govsingapore call for an extradition of Bankman-Fried to face a 'testifying' session in the Parliament. Temasek leehsienloong LawrenceWongST VivianBala kshanmugam BeritaHarianSG straits_times MothershipSG wpsg 8worldnews SCMPAsia
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Former FTX CEO Bankman-Fried arrested in BahamasSam Bankman-Fried, who founded and led FTX until a liquidity crunch forced the Bahamas-based cryptocurrency exchange to declare bankruptcy, was arrested on Monday in The Bahamas after being criminally charged by US prosecutors. The attorney general's office for The Bahamas said it proceeded with the arrest after receiving formal confirmation of charges against Bankman-Fried, adding that it expects he will...
Source: asiaonecom - 🏆 10. / 59 Read more »