Congress is set to take up a slew of legislative proposals in 2023 that will determine which regulators have chief domain over cryptocurrency.
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Congress is set to take up a slew of legislative proposals in 2023 that will determine which regulators have chief domain over cryptocurrency.
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Under the proposed bill, companies could apply for an “enforceable compliance agreement” with offices at federal financial agencies that would allow for a regulatory path forward.
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The Texas Congressman urged lawmakers to examine the SEC’s efforts to prevent fraud at the crypto exchange.
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According to the FSOC, issues at FTX had “precipitated price decreases in Bitcoin and other crypto-assets” but “had a limited impact on the broader U.S. financial system.”
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“Short of enacting draconian authoritarian policies, cryptocurrency cannot be stopped,” said Senator Pat T
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While Congressman Brad Sherman saw SBF as the poster child of the crypto ecosystem, congressman Tom Emmer highlighted the crypto community’s contribution to uncovering the supposed FTX fraud.
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Some members of the U.S. House of Representatives questioned whether Sam Bankman-Fried’s actions at FTX and Alameda may have been willful or due to gross incompetence.
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SBF blamed the current CEO, his legal counsel, the law firm he appointed for bankruptcy, and Binance CEO CZ, without admitting any wrong on his part.
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SBF’s last tweet before his arrest for reportedly committing wire fraud was dispelling his involvement in a group chat purportedly called “Wirefraud.”
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Countering some of SBF’s claims, John Ray said that “FTX US was not operated independently of FTX.com” and a Chapter 11 filing was necessary to avoid a bank run.
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