Senate lawmakers are also eyeing Binance after fellow off-shore crypto exchange FTX imploded.
The Senate Banking Committee held a two-hour hearing on the FTX collapse one day after former CEO Sam Bankman-Fried was charged with fraud by the Justice Department.Senate lawmakers are taking a closer look at Binance in the wake of FTX's collapse, with a hearing today frequently touching on the off-shore exchange while senators also expressed broader concerns around the whole digital asset industry.
"Regardless of whether Binance itself is connected with the Chinese Communist Party, which Binance denies, but regardless of whether that's the case, by having a system in the United States that's unclear, that's regulatorily hostile, we could go so far as banning cryptocurrency in the United States,” argued Jennifer Schulp, director of financial regulation studies at the Cato Institute's Center for Monetary and Financial Alternatives, another of the witnesses at...
“These two behemoths that own the unregulated market together, and grew these incredible businesses in terms of growth, were at war with each other. And one put the other out of business intentionally,” O’Leary said. Sen. Elizabeth Warren, D-Mass., noted money laundering investigations around the firm and introduced a bipartisan bill this morning that would tighten reporting requirements for offshore digital asset accounts.
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