cryptonews: 'One thing that's given me pause is just thinking about why FTX would have lobbied so hard for a bill that it could never comply with.' - Colorado Democrat Michael Bennet.
management of FTX — he allegedly loaned $10 billion of the exchange's clients money to his other company, trading firm Alameda Research, which promptly lost $8 billion of it — not understanding what he was thinking is probably the only reasonable position.The DCCPA had more support in the crypto industry than competing legislation from a bipartisan pair of Senate Banking Committee members, the Responsible Financial Innovation Act.
At present, it can only regulate derivatives and investigate reports of misconduct, rather than exchanges' spot cash trading markets. He said: As for crypto, it has been through two major crises this year, including the $48 billion collapse of the Terra/LUNA stablecoin ecosystem and now the implosion of FTX. And, he said:
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Sam Bankman-Fried confronted over the fall of FTX in live interview'I was frankly surprised by how big Alameda’s position was which points to another failure of oversight on my part and failure to appoint someone to be chiefly in charge of that.'
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