A top Senate Democrat on Tuesday pressed Binance and other major cryptocurrency exchanges to explain how they would protect their customers in the event of a financial calamity, as Washington braces for further fallout from the collapse of FTX.
The widening fallout drove down the price of bitcoin and other tokens, and it fueled continued scrutiny in Washington, where lawmakers for years had neglected the crypto industry. Over that same period, Democrats and Republicans also amassed increasingly large campaign donations from crypto magnates, including FTX founder Sam Bankman-Fried and his subordinates during the 2022 elections.Lawmakers now plan to convene several hearings to explore cryptocurrency and the government’s oversight of it.
Behnam generally is seen as supportive of the industry. He also has worked alongside the committee’s leaders — Sens. Debbie Stabenow and John Boozman — to advance legislation that would expand the power of the CFTC to oversee crypto, an idea advanced by Bankman-Fried personally. In recent days, lawmakers have said they are reevaluating the bill given its ties to FTX.
Two weeks later, the House Financial Services Committee hopes to question the FTX founder directly as well as the company’s rivals, including Binance, at what could be the first of multiple hearings. While Bankman-Fried has not confirmed that he intends to testify, Rep. Maxine Waters , the outgoing chairwoman of the panel, said the session is meant to ensure that “this never happens again.
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