FTX failure resets US crypto legislative programme

Lawmakers expected to seek stronger customer protection; industry wants flexibility for DeFi

Sam Bankman-Fried stop sign
Photo: Sipa US/Alamy Stock Photo

The dramatic failure of FTX could send draft US legislation to regulate digital assets right back to the starting line, ex-regulators say.

“The collapse of FTX underscores the need for a much stronger regulatory framework around crypto generally and in particular for trading platforms,” says Timothy Massad, former chairman of the Commodity Futures Trading Commission (CFTC).

Lee Reiners, policy director at the Duke Financial Economics Centre and a former Federal Reserve supervisor, agrees:

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