Regulators and lawmakers must act “before the next crypto catastrophe takes down our economy,” Sen. Elizabeth Warren wrote in a Wall Street Journal op-ed.
The collapse of cryptocurrency exchange FTX should be a “wake-up call” that prompts tougher enforcement of existing laws and spurs Congress to plug holes in regulations for crypto, Sen. Elizabeth Warren wrote in an op-ed Tuesday.
Now read: ‘F-ck regulators,’ Sam Bankman-Fried reportedly says amid FTX blowup: ‘I feel bad for those who got f-cked by it’ The op-ed by Warren comes as at least two congressional committees are planning hearings into the FTX debacle. Treasury Secretary Janet Yellen has also said more regulatory oversight is needed for the industry.
Democrats will keep their majority in the Senate following this month’s midterm elections, while Republicans will control the House of Representatives when the new Congress convenes in January. The implosion of FTX, however, has drawn bipartisan scrutiny.
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