The epic implosion of digital exchange FTX is sparking a torrent of lawsuits and legal threats among crypto financiers scrambling to salvage what they can from the wreckage. Small investors stand little chance of being made whole.
Sen. Elizabeth Warren speaks with reporters at the U.S. Capitol Jan. 23, 2023. | Francis Chung/POLITICO
“There are a lot of regulatory tools out there already to deal with that,” Warren said in an interview. “We need regulators to use those tools, and Congress needs to make sure that those regulators have the resources they need to be an effective cop on the beat.” Some crypto businesses that have gone under-operated as banks, brokers, custodians and agents for their customers — a combination of services that doesn’t exist at regulated financial institutions — making their bankruptcy proceedings even more chaotic.
“The likelihood that these individuals are going to ever be made whole is distilled down to almost nothing,” said Martin Auerbach, a former federal prosecutor who leads the white collar and investigations practice at the law firm Withers.
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