December 18, 2022
- John J. Ray III, the new CEO of FTX who is leading the company through bankruptcy proceedings, testified before the House Financial Services Committee about the crypto exchange’s collapse. SBF was scheduled to testify as well but he was arrested in the Bahamas last Monday. His hearing is scheduled for 2023.
- Sen. Elizabeth Warren took the opportunity, with crypto top of mind, to react with a bipartisan bill co-sponsored by Sen. Roger Marshall (R-Kan.) called the “Digital Asset Anti-Money Laundering Act.”
- The bill will require anyone who maintains public blockchain infrastructure to register as a Financial Institution (FI). This includes software developers or anyone validating transactions on a network.
The idea of passing a bill like this one hopes to prevent the inevitable. Senator Warren wants to “put common-sense rules in place to help close crypto money-laundering loopholes and protect our national security” but only time will tell if a bill like this will actually help or hinder the crypto world. At the end of the day, bad actors like SBF will make bad decisions. Why does everyone have to pay the price?
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