FTX Hearing in US Senate Reveals Congress Doesn’t Have Immediate Answers

The crypto industry is calling for U.S. regulations as the epic failure of FTX drags at the sector. Most regulators say they can’t do the job without more powers from Congress. So far, a sound-and-fury campaign from lawmakers hasn’t shown a path forward.

Any path will almost certainly depend on Sen. Sherrod Brown (D-Ohio), the chairman of the Senate Banking Committee, who concluded an FTX hearing Wednesday with a pointed question:

“Do you think crypto platforms could mostly comply with actual regulations?” he asked of witness Hilary Allen, a professor at American University’s law school who is a critic of the digital assets industry. “No, I don’t,” she said. “And I think when they’re calling for regulator clarity, what they’re asking for actually is bespoke regulation that they can comply with.”

“Good answer,” he said.

Source: FTX Hearing in US Senate Reveals Congress Doesn’t Have Immediate Answers