Last November, Sen. Elizabeth Waren (D-Mass.) said the consequences of cryptocurrency exchanges FTX FTT/USD showed an urgent need for strong rules to protect consumers.
What happened: Warren cited a Wall Street Journal report on the Stock Exchange Commission Launching a new probe in FTX. “The collapse of one of the largest crypto platforms shows how much of the industry seems to be fog and mirrors,” she tweeted at the time.
According to Warren, the cryptocurrency industry needs “more aggressive enforcement.” She stated that she will continue to urge the SEC to “enforce the Consumer Protection and Financial Stability Act.”
coin base CEO Brian Armstrong Warren replied at the time, saying that FTX is an offshore exchange that is not regulated by the SEC.
“The problem is that the SEC hasn’t provided regulatory clarity here in the US, so a lot of American investors (and 95% of trading activity) have gone offshore,” he said, adding that “there’s no point in US – Penalizing companies for doing so.”
After investigate the company’s financials in November 2022, binance walked away from the store to purchase it FTX.
This story was originally published on November 9, 2022.
Continue reading: Michael Saylor Asks “What Kind of Bitcoiner Are You?” Majority Says…
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