Brown wants the new cryptocurrency regulations to require clear disclosures, prohibit self-dealing, protect customer funds and prevent money laundering and fraud.
Previously valued at $32 billion, FTX was forced to file for bankruptcy after a run on deposits left it with an $8 billion shortfall, causing huge losses for investors who trusted the exchange with their money. The run was triggered by a
“Our regulatory approach should basically be to protect consumers while ensuring that we don’t destroy the dynamic upside of this,” said Vance, who questioned whether the Internet’s development would have been stifled decades ago if “overbearing” regulations were put in place. Vanderbilt University Law School professor Yesha Yadav said that more consumers are entering the cryptocurrency market to “try out new products,” and those products are becoming more sophisticated.
Brown noted that FTX’s collapse “focused attention on basic protections like safeguarding customer money, so companies can’t use it for their own personal benefit,” and asked Reiners to explain the “urgency to develop better standards for the custody of consumer assets.”
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