U.S. Senator Pat Toomey says illegal actions by FTX must be separated 'from perfectly lawful and innovative cryptocurrencies.' crypto cryptocurrency
US Senator: Cryptocurrency Cannot Be Stopped, FTX Collapse Isn't an Indictment of Crypto
“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: “In our discussion of FTX today, I hope we are able to separate potentially illegal actions from perfectly lawful and innovative cryptocurrencies,” he told the Senate committee.
“To those who think that this episode justifies banning crypto, I’d ask you to think about several examples,” he began. “The 2008 financial crisis involved the misuse of products related to mortgages. Did we decide to ban mortgages? Of course not. A commodity brokerage firm run by former New Jersey Senator John Corzine collapsed after customer funds — including U.S. dollars — were misappropriated to fill a shortfall from the firm’s trading losses. Nobody suggested that the problem was the U.S.
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