FTX's Sam Bankman-Fried charged with fraud by just about everyone
,"FTX isn't an anomaly. Its collapse isn't just a case of one corrupt guy stealing money. It's about an entire industry that refuses to comply with existing regulation, that thinks it's above the law.", SBF challenges claims that have been made about what happened with FTX and the financial status of specific subsidiaries, while at the same time stating that he can't help more because he no longer has access to company information.
On Wednesday, the Senate Committee on Banking, Housing, and Urban Affairs is planning to hold a hearing titled"Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers." Among the scheduled speakers, Professor Hilary Allen, American University Washington College of Law, in[PDF] urges regulators to keep cryptocurrency outside the banking system as a matter of safety and argues the CFTC should not be the primary regulatory for crypto due to its lack of any investor protection mandate and its self-certification regime.
"A ban on crypto would be the most straight-forward way of protecting both investors and the financial system: it would end the uncontrolled creation of cryptoassets and also ensure that cryptoassets never require a bail-out," Allen's transcript says.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Former FTX CEO Sam Bankman-Fried arrested in Bahamas, local officials sayBahamas Attorney General says move came after notification that the US had filed criminal charges.
Read more »
FTX founder Sam Bankman-Fried arrested in BahamasFTX filed for bankruptcy last month, leaving many unable to withdraw their funds from the cryptocurrency exchange.
Read more »
Sam Bankman-Fried: FTX founder arrested in BahamasAccording to a court filing last month, FTX owed its 50 largest creditors almost $3.1bn (£2.5bn).
Read more »
Sam Bankman-Fried: Founder of bankrupt crypto firm FTX arrested in BahamasBankman-Fried had become one of the biggest names in the crypto industry before the company's sudden collapse. He will appear in a Bahamas magistrates court on Tuesday.
Read more »
Sam Bankman-Fried: How FTX founder went from star-studded £21bn empire to being chargedSam Bankman-Fried resigned as chief executive of FTX after the cryptocurrency spectacularly collapsed in the space of just 72 hours. Almost a month to the day, officers arrested him in the Bahamas after charges were filed in the US.
Read more »
Sam Bankman-Fried: fraud charges tarnish whole crypto sector\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Read more »