What Happened: Sen. Agriculture Committee Chair Debbie Stabenow (D-Mich) tweeted that the recent collapse of a major cryptocurrency exchange reinforces the urgent need for “greater federal oversight” for the crypto industry.
She said that “consumers continue to be harmed by the lack of transparency and accountability in this market,” adding “....it is time for Congress to act.”
See Also: Best Cryptocurrency Exchanges
“Chairwoman Stabenow and I remain committed to advancing a final version of the DCCPA that creates a regulatory framework that allows for international cooperation and gives consumers greater confidence that their investments are safe,” Boozman said.
On Thursday, Sen. Banking Committee Chair Sherrod Brown reportedly said that it is critical that U.S. financial agencies “look into what led to FTX's collapse”.
"I’m committed to finding the best path forward to protect consumers and the stability of the U.S. markets and banking system."
Price Action: FTT is currently trading at $3.21, up 42% at the time of writing, according to Benzinga Pro.
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