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The path of crypto legislation begins with the process of the Senate and the House of Representatives from carding forum

US lawmakers want to take a closer look at how FTX collapsed, so they can prevent the next FTX implosion.

The United States Agriculture Committee will hear the first of many congressional hearings on crypto tomorrow (Dec. 1). This will be the first of many public inquiries about what is wrong with FTX, the crypto exchange founded by Sam Bankman-Fried. These protests will help shape stronger crypto standards.

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At tomorrow's session, titled "Why Congress Should Act: Lessons from the FTX Collapse," Rostin Behnam, chairman of the Commodity Futures Trading Commission (CFTC), is expected to testify. It will probably bring tips for better crypto planning.

As federal agencies such as the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) continue to investigate the FTX crash in detail, policymakers need the big picture, not not only that the company as a whole can learn something, but also. for These new rules can be created to prevent future crypto implosions. When do other people hear FTX?
The US House Financial Services Committee was the first to announce an investigation into FTX's failure on November 2. 16, but it was not dated at that time. Yesterday (Nov. 29), the commission announced that its first hearing is scheduled for December 13. The House expects Bankman-Fried, along with representatives from his firm Alameda Research and rival crypto exchange Binance, to attend the hearing.

The Senate Banking Committee is also scheduled to meet in December. FTX Damage: By the Numbers
1 million: The number of customers and other investors facing billions of dollars in total losses, when FTX filed for bankruptcy on November 11.

$8 billion: FTX's cash flow, before filing for bankruptcy

$3 billion: FTX figure combined with the 50 largest borrowers

$226 million: FTX's debt to its largest lender

$175 million: The value of LedgerX, one of the proper houses in Sam Bankman-Fried's crypto empire, will make it available for use in the FTX decentralized currency system, as reported by Bloomberg. This funding comes from $250 million raised by LedgerX to support the legal framework that will allow the exchange to eliminate crypto trading transactions without intermediaries. This proposal was abandoned. $32 billion: FTX valuation, days before its bankruptcy crisis began

Who should care about crypto?
In March, US President Joe Biden signed an executive order for the "development of digital assets". In September, his administration released the first crypto policy, which focused on the risks of crypto. The document sets out general and vague rules for the law, but does not go into detail.

However, what it did do was encourage many companies to work on navigating this new land:

The SEC and CFTC should "vigorously pursue investigations and enforcement actions against illegal activities in the digital infrastructure space."

The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) should "increase efforts to investigate consumer complaints and combat unfair, deceptive or abusive practices".

The Financial Literacy Education Commission (FLEC) hopes to "lead public education efforts to help consumers understand the risks of digital assets, identify common fraud practices, and learn how to report bad news."

For the most part, two companies are vying for the right to control crypto, and one is close to taking the lead. The SEC follows...
In a September speech, SEC Chairman Gary Gensler said that "the vast majority" of the 10,000 tokens in the crypto market are securities. "These are not blanket tokens: market promoters and investors in the public buy many of these tokens, either flipping or anticipating benefit depends on the efforts of others," he said. "Therefore, investors need to be educated to help them plan the investments they believe will succeed and those they believe will fail. Investors need to be protected from fraud and fraud.

Gensler wants the company to register with the SEC, provide investors with other information, and prioritize the risks of digital assets, even as the reports make people feel at ease about the anonymity of blockchain-based transactions.

... but the CFTC seems to have more support
As of 2015, the CFTC has been cracking down on mutual funds, filing lawsuits against illegal offers and trading (a form of trading fraud in which an investor simultaneously buys and sells) a financial instrument). Item A

a load in the crypto world.

Congress also relies on the CFTC. A bill introduced in August, called the Digital Commodities Consumer Protection Act, aims to legalize the industry.

But Americans for Financial Reform, a nonprofit, and two leading experts in financial law have warned against putting the CFTC in charge. In a detailed September letter, they referred to the lack of adequate protection for consumers and the issue of self-certification, among other things.

If Bankman-Fried had a choice, she would go after the CFTC - she said so. Of course, many crypto players will do, as they believe it will be the second soft industry. The company talks about "don't do bad" and "heavy" approach in 2016, however, it has changed its tone a little since then. It won't be easy for anyone, Benham said.

Quote: Wait before planning
"Before it collapsed last week, FTX and its CEO Sam Bankman-Fried spent a lot of money to buy access and influence to get Congress to quickly pass its special interests legislation that puts a minority manager in the non-financial, the CFTC, is responsible for the confusion in the crypto industry that is spreading. FTX and its affiliates have done this even though certain bills have effectively removed the SEC's ability to police capital markets, undermining the world's deepest and largest capital markets.

The CFTC chairman has supported both FTX bills and, along with Sam Bankman-Fried himself, seems to have pushed hard for them to pass, including last week when he said the rules should pass "without question rejected". This prepared legislative approach must be questioned. Considering the failure of FTX and the loss of billions of dollars to investors and customers, believed to be due in part to illegal and even criminal activities, many questions need to be asked and answered before there was law, especially law. . It is supported and directed by FTX.”

- Dennis M. Kelleher, co-founder, president and CEO of the non-profit, non-union, independent firm Better Markets, founded after the financial crisis of 2008 after to promote public interest in financial markets.
 
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