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Senator Stabenow says crypto lacks consumer protections after collateral of FTX

Senate Agriculture Committee Chair Debbie Stabenow says at hearing with Commodity Futures Trading Commission Chairman Rostin Behnam that the story is just beginning to unfold but the Committee would hear from Benham about what may have triggered such a staggering collapse in such a short period of time to ensure that the Digital Commodities Consumer Protection Act sufficiently addresses risks though already apparent that the crypto industry lacks customer protections Americans expect and deserve when trading in US markets, funds for trading must not be allowed to gamble nor allowed to invent products that have little or no intrinsic value and accept them as collateral for loans nor allowed to self deal, but FTX did all of those things emboldened by a lack of federal oversight.
Senate Agriculture Committee Chair Debbie Stabenow says at hearing with Commodity Futures Trading Commission Chairman Rostin Behnam that the story is just beginning to unfold but the Committee would hear from Benham about what may have triggered such a staggering collapse in such a short period of time to ensure that the Digital Commodities Consumer Protection Act sufficiently addresses risks though already apparent that the crypto industry lacks customer protections Americans expect and deserve when trading in US markets, funds for trading must not be allowed to gamble nor allowed to invent products that have little or no intrinsic value and accept them as collateral for loans nor allowed to self deal, but FTX did all of those things emboldened by a lack of federal oversight.
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May not be used as partisan political campaign material to promote or oppose the candidacy of any person for elective public office, and may not be used to distort the objects and purposes of the hearing, or cast discredit on or dishonor any member of the U.S. House of Representatives or U.S. Senate, or bring the House or Senate or any Member into disrepute.
Credit:
FedNet / Getty Images
Editorial #:
1446233971
Collection:
FedNet
Date created:
December 01, 2022
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License type:
Rights-ready
Release info:
Not released.ÌýMore information
Clip length:
00:01:05:16
Location:
Washington, DC, United States
Mastered to:
QuickTime 8-bit H.264 HD 1920x1080 29.97p
Source:
FedNet
Object name:
sag120122b