Senator Who ‘Bought the Hype’ on FTX Aims to Pass Crypto Law

There’s an opening for Congress to pass a narrow digital asset regulation bill before the year’s end after the collapse of crypto exchange FTX, Senator Pat Toomey said.

Toomey, the top Republican on the Senate Banking Committee, said he met with FTX founder Sam Bankman-Fried several times before the implosion of the former billionaire’s crypto empire and that the situation puts more pressure on Congress to establish guardrails for the industry.

“I bought the story. I bought the hype. I was impressed,” the Pennsylvania senator told Bloomberg News in an interview Friday in New York.

Now, in addition to holding ...