Lawmakers gathered to discuss the events that led to crypto exchange FTX collapse, amid renewed calls from within their ranks — and from the public — for industry oversight.
Why it matters:
The spectacular flameout of FTX — and the contagion that preceded and followed it — could finally provide momentum for U.S. regulation of the industry.Senate Agriculture Committee Chairwoman Debbie Stabenow in her opening remarks highlighted the "lack of clear, consistent rules" that have allowed an industry to flourish, while American consumers lose billions.
"When exchanges accept customer funds for trading, they must not be allowed to gamble with those funds," Sen. Stabenow said, referencing one of the issues behind FTX's unwinding.Commodity Futures Trading Commission chair Rostin Behnam was the sole witness at Thursday’s hearing. He emphasized the need for lawmakers to grant his agency the authority to create rules and oversee crypto trading.Behnam also expressed support for Sen. Stabenow's Digital Commodities Consumer Protection Act which he says would have "prohibited" some of the actions at FTX from taking place.
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