US lawmaker warns of 'major consequences' for users of unregulated crypto firms, citing FTX
"FTX's FTT tokens are now worthless, and even worse, FTX.com customers are completely unable to access their fund," Maxine Waters said.
New
Maxine Waters, chair of the U.S. House of Representatives Financial Services Committee, has pushed for additional federal oversight of crypto trading platforms and consumer protections as FTX faces challenges liquidity problems.
In a Nov. 10 statement, Waters cited FTX's struggles as the latest example of incidents "involving the collapse of cryptocurrency businesses" and how such events could potentially impact consumers in the USA. The committee chair pushed for legislation establishing a framework for crypto assets, highlighting her efforts with Financial Services Committee member Patrick McHenry in a bill to regulate stablecoins.
"Although FTX's US company is up and running, FTX's FTT tokens are now worthless, and even worse, FTX.com customers are completely unable to access their funds," Waters said - well that blockchain data at the time of publication has emerged. to show that FTX withdrawals have resumed. "Now more than ever, it's clear that there are major consequences when cryptocurrency entities operate without strong federal oversight and customer protections."
The stablecoin bill currently being negotiated between Republicans and Democrats in the House committee may still have a chance of being passed in 2022, according to at least one lawmaker. However, the leadership of the committee could switch from January depending on the outcome of the elections, for which votes are still counted at the time of publication.
As of November 10, it remains unclear whether Republicans or Democrats will have majority control of the House and Senate from January, but some reports...
"FTX's FTT tokens are now worthless, and even worse, FTX.com customers are completely unable to access their fund," Maxine Waters said.
New
Maxine Waters, chair of the U.S. House of Representatives Financial Services Committee, has pushed for additional federal oversight of crypto trading platforms and consumer protections as FTX faces challenges liquidity problems.
In a Nov. 10 statement, Waters cited FTX's struggles as the latest example of incidents "involving the collapse of cryptocurrency businesses" and how such events could potentially impact consumers in the USA. The committee chair pushed for legislation establishing a framework for crypto assets, highlighting her efforts with Financial Services Committee member Patrick McHenry in a bill to regulate stablecoins.
"Although FTX's US company is up and running, FTX's FTT tokens are now worthless, and even worse, FTX.com customers are completely unable to access their funds," Waters said - well that blockchain data at the time of publication has emerged. to show that FTX withdrawals have resumed. "Now more than ever, it's clear that there are major consequences when cryptocurrency entities operate without strong federal oversight and customer protections."
The stablecoin bill currently being negotiated between Republicans and Democrats in the House committee may still have a chance of being passed in 2022, according to at least one lawmaker. However, the leadership of the committee could switch from January depending on the outcome of the elections, for which votes are still counted at the time of publication.
As of November 10, it remains unclear whether Republicans or Democrats will have majority control of the House and Senate from January, but some reports...
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