US Senate committee hearing on FTX fail brings gaps in regulatory authority to light By Cointelegraph

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US Senate committee hearing on FTX fail brings gaps in regulatory authority to light

Published Dec 01, 2022 04:59PM ET Updated Dec 01, 2022 06:40PM ET

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US Senate committee hearing on FTX fail brings gaps in regulatory authority to light

United States Commodity Futures Trading Commission chair Rostin Behnam told a Senate Agriculture, Nutrition, and Forestry Committee meeting Dec. 1 that his agency’s regulations contain “core elements that have served the markets for decades.” But as the fallout from the FTX collapse gets sorted out, notable gaps in current legislation have come to light, Behnam and the senators agreed.

Sen. Tina Smith called the FTX collapse “shocking, not surprising,” and said that future crises will continue to occur as long as regulatory gaps remain. Behnam pointed out that the Securities and Exchange Commission has the authority to require basic safeguards be in place, such as separation of house and customer money and best execution of investment trades.

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Comments (1)

sara jeer Dec 01, 2022 11:28PM ET

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