The crisis in the crypto ecosystem, from the collapse of TerraUSD to FTX_Official, has 'no direct impact of [broader] financial stability,' CFTCBehnam says in today's FTXhearings. But, he adds 'future crisis will continue to occur':
The collapse of crypto exchange FTX may not have happened if the firm was under the Commodity Futures Trading Commission's watch, the agency's head argued Thursday.
Most of the senators didn't seem to make much of a distinction between FTX US, the company operating within the U.S., and FTX.com, the global exchange based in the Bahamas. FTX.com has had the broader issues, including apparently sending customer and corporate funds to Alameda Research, a trading firm that's affiliated with FTX.
The DCCPA would ban the commingling of customer and corporate money and also require better corporate governance and actual bookkeeping, Behnam said. Still, he suggested revisiting the bill to ensure it addresses possible misconduct that may occur at other companies. With or without a pause, Behnam stressed the importance of moving quickly to pass legislation that could give his agency greater oversight of spot markets.
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