Senators across both major parties on Wednesday sharply criticized bankrupt cryptocurrency exchange FTX and its former CEO Sam Bankman-Fried, while advocating for regulation of the digital currency sector.
Lawmakers on the chamber’s banking committee differed significantly, however, on whether FTX exemplified wider industry dangers or merely a run-of-the-mill fraud that could occur at any business. In turn, they indicated a range of opinions on the type and extent of crypto regulation.
Democrats expressed concern about systemic flaws in the crypto industry raised by the FTX debacle, while some Republicans characterized the corporate collapse as a one-off instance of fraud divorced from the promising financial technology that enabled it…
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