U.S. Senator Pat Toomey says illegal actions by crypto exchange FTX must be separated “from perfectly lawful and innovative cryptocurrencies.” Emphasizing that “The collapse of FTX is not an indictment of crypto,” he noted that “cryptocurrency cannot be stopped” and “the technology would simply migrate offshore” if Congress tried.
Separating Illegal Actions From ‘Perfectly Lawful and Innovative Cryptocurrencies’
U.S. Senator Pat Toomey (R-PA) explained in his opening statement at the Senate Banking Committee hearing Wednesday that the collapse of crypto exchange FTX is not an indictment against cryptocurrency.
“There was unauthorized lending of customer assets to an affiliated entity, and there were fraudulent promises to investors and customers about FTX’s operations. These are outrageous and completely unacceptable,” the senator described, emphasizing:
I want to underscore a bigger issue here: The wrongful behavior that occurred here is not specific to the u
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