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ARTICLE · 07 DECEMBER 2022

Congress Needs To Prioritise Customer Protections In Crypto

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It made for good dramatic theater on December 1 when the Senate held its hearing about FTX. But, the real job before Congress right now is to act quickly to adopt meaningful and comprehensive crypto...

United StatesTechnology
Daniel J. Davis
Daniel J. Davis
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It made for good dramatic theater on December 1 when the Senate held its hearing about FTX. But, the real job before Congress right now is to act quickly to adopt meaningful and comprehensive crypto legislation in the weeks ahead. The collapse of FTX under Sam Bankman-Fried (known as SBF) has only heightened this need, not eliminated it.

Firms handling crypto assets are currently regulated by a hodge-podge of laws in the United States, if they experience oversight at all. Responsible entities in this porous structure include the Financial Crimes Enforcement Network of the US Department of Treasury, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

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