FTX’s Implosion Drawing Fierce Scrutiny From Key US Senators (1)

US lawmakers don’t need to reinvent the wheel as they consider legislation after the collapse of Sam Bankman-Fried’s FTX crypto empire, the head of the Senate Banking Committee said.

The panel’s hearing on Wednesday is the second this week by Congress to scrutinize the fallout of FTX’s bankruptcy. The company imploded in November, sending shock waves across the industry and fanning criticism of Washington’s weak oversight. Bankman-Fried was arrested in the Bahamas on Monday after the US government filed criminal charges amid multiple probes into his possible misconduct.

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