Financial services regulators should treat cryptocurrency trading for what it is another form of wagering, some experts say. But banks seeking to provide custody and many other services tied to digital assets would face even tighter restrictions under that approach.
sheets, it became clear about a month ago that the money was no longer there, and it all unravelled. it has been described as one of the biggest financial frauds in us history, so what has the impact on the victims and those that have suffered in this, and essentially where does it leave them now? the victims are basically in a position where they don t know where they are because it s unclear how many assets the combined ftx alameda group still has to distribute to the people who thought that their money was safe with the exchange. what we know for sure is that we won t be seeing money anytime soon because bankruptcy proceedings take a long time. the mt gox, which was another crypto exchange, failed many years ago and it is still distributing assets. no doubt a lot of uncertainty and frustration there, so where does this leave us regulators in regulating crypto in the future?
because these bankruptcy proceedings take a long time. mount cox, which was another crypto exchange failed many years ago and it is still distributing assets. estimate no doubt a distributing assets. estimate no doubt a lot distributing assets. estimate no doubt a lot of distributing assets. estimate no doubt a lot of uncertainty| no doubt a lot of uncertainty and frustration, so where does this leave regulators in regulating crypto in the future? . , , future? that is the big question. future? that is the big question, what - future? that is the big question, what do - future? that is the big question, what do we | future? that is the big l question, what do we do future? that is the big - question, what do we do now? there are concerns about giving the crypto industry the regulation it was looking for, so crying to the ftx failure, sam bankman fried was the golden boy of crypto was lobbying heavily for regimes that would help crypto thrive. now, ironically, with his fall from
but even this weekend, john tester, who is on week meet the press on sunday, when asked about regulating crypto, said, maybe we ought to just ban it. this is not an organization, broadly speaking, in congress, that has their hands around what to do with this industry that exists in the first place to be unregulated and to be outside the normal financial system. congress has a lot of work to do to catch up to the crypto industry. barb mcquade, i can say i spent 15 years of my life explaining how credit derivatives work, which many could argue, there s no reason to have those. and i cannot for the life of me ever been able to explain a reason why we need to have crypto in our financial system whatsoever. i want to talk about these campaign finance charges, though. these massive donations we know about over $40 million that sam bankman-fried gave to democrats. but he said in an interview over a month ago that the money he gave to republicans, he gave through dark money, because he did