The collapse of crypto exchange FTX and other bearish events in the space were at the center of discussions among lawmakers and witnesses at the inaugural hearing of the United States House Committee on Financial Services’ Subcommittee on Digital Assets, Financial Technology and Inclusion.the U.S. Securities and Exchange Commission, or SEC, for enforcement actions against crypto firms “trying to do it right” — i.e. communicating with regulators and pursuing a path to operate in the country.
“You do have to wonder if we couldn’t have avoided the massive amounts of money that flowed to FTX if the basic principle of a Bitcoin ETF had been provided and approved by the SEC,” said Belshe. “There had been 25+ valid applications — some from Invesco and other reputable firms that have done ETFs for many years in the past.”
BitGo mikebelshe Mike Belshe's criticism of the SEC is warranted, given their reluctance to address basic regulatory issues that could have prevented FTX from engaging in alleged illicit activities.
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