Congress · 117th Congress
House Financial Services presses FTX CEO on crypto’s regulatory needs
John Ray III, who took over FTX after its collapse, tells lawmakers the cryptocurrency exchange was "uniquely positioned to fail."
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John Ray III, who took over FTX after its collapse, tells lawmakers the cryptocurrency exchange was "uniquely positioned to fail."
But as we allege in our complaint, that veneer wasn’t just thin, it was fraudulent,” Gurbir S. Grewal, director of the SEC’s Division of Enforcement, said in the statement.
“There‘’’s a reason that fire extinguishers exist in hotels, that there’s a requirement for it. Because at some point in time, a cataclysmic event happened and the laws changed.”
The cryptocurrency industry plans to spend next year building on 2021’s record political engagement to lobby Congress and regulators for clarity around tax reporting, stablecoins and asset classes.