In the cryptocurrency market, the crashes of FTX and Terra (LUNA) in 2022 caused a surge in calls for regulation. In particular, the chain of events surrounding the dramatic collapse of FTX has raised concerns about cryptocurrencies in the US. With the effect of this, now the US Congress will discuss the crypto collapse.
US Congress to hold ‘crypto crash’ hearing on Valentine’s Day
Two months after the senators met to discuss the collapse of FTX, the “Crypto Crash: Why We Need Financial System Protections for Digital Assets” hearing will be held in Congress. US lawmakers on the Senate Banking Committee have scheduled a second hearing investigating the impact of a crypto market crash.
Senate Banking Committee Chair Sherrod Brown announced on Feb. 3 that senators will meet on Feb. 14 for a session titled ‘Crypto Crash: Why Digital Assets Need Financial System Protections’. The hearing will take place two months after lawmakers discussed and discussed the collapse of cryptocurrency exchange FTX at a hearing on Dec.
There will be some changes, as a second hearing of the Senate Banking Committee is scheduled after the 118th session of Congress begins. Senator Brown will remain chairman of the committee, but after Pat Toomey’s departure, Senator Tim Scott will take over as a senior member. Scott has included a cryptocurrency regulatory framework as one of his legal priorities.
In a letter to Treasury Secretary Janet Yellen in November, President Sherrod Brown (D-Ohio) stated that the US government is looking to launch a serious effort on crypto surveillance. The committee’s new-ranking Republican Senator Tim Scott (RS.C.) said on Thursday that members “must work to facilitate a bipartisan regulatory framework.”
FTX collapse raises concerns over cryptocurrencies
Committees in both the House and Senate held hearings that affected many individual investors in the United States after FTX filed for bankruptcy. The House Financial Services Committee is also expected to hold a second hearing on FTX in 2023. No hearings appeared in the committee’s schedule at the time of the press.
cryptocoin.comHollywood star Ben McKenzie, Shark Tank star and investor Kevin O’Leary, Jennifer Schulp of the Cato Institute, and law professor Hilary Allen testified at the hearing in December. Former FTX CEO Sam Bankman-Fried was to speak at the House Financial Services Committee hearing before his arrest in the Bahamas. It is not yet clear who will speak at the hearing in February.
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