Senators across both major parties sharply criticized bankrupt cryptocurrency exchange FTX and its former CEO Sam Bankman-Fried, while advocating for regulation of the digital currency sector.
Bankman-Fried, 30, wasMonday in the Bahamas after federal prosecutors in New York filed an eight-count indictment including allegations of fraud and conspiracy, according to the Royal Bahamas Police Force.
Bankman-Fried's application for bail was denied on Tuesday after a judge determined he was too much of a flight risk. He will be remanded until Feb. 8, 2023, to the Bahamas Department of Corrections. "FTX is a failure of people, safeguards and regulation -- it's not a failure of technology," she said, adding that the cryptocurrency industry requires regulation., D-Mass., and Sen. Roger Marshall, R-Ky.
Sen. Sherrod Brown, chairman of the Senate Banking Committee, and Sen. Pat Toomey, right, the ranking member, lead a hearing on cryptocurrency and the collapse of the FTX crypto exhange and its founder Sam Bankman-Fried, at the Capitol in Washington, D.C., Dec. 14, 2022."A ban on crypto would be the most straightforward way of protecting both investors and the financial system," she said.
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