Hopefully, lawmakers will make an effort to target the specific issues related to FTX instead of using the moment to engage in aimless regulation.
I fucked up, and should have done better.On Nov. 11, Bankman-Fried announced that FTX, FTX.US, Alameda Research and around 130 other affiliated companies had filed for Chapter 11 bankruptcy.— SBF The impact of FTX’s collapse on consumers is devastating. Court filings show that the FTX Group could have “over one million creditors in these Chapter 11 cases,” and legal experts have asserted that many customers may never get their money back.
With Congress winding down, it is unlikely that either of these bills will pass before the end of the year. But, lawmakers have made clear their intent to revisit this issue next year, and the collapse of FTX has only increased the likelihood of legislative action on crypto. The implosion of FTX must be a wake up call for Congress and financial regulators to hold this industry and its executives accountable.
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