March 22, 2023

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In a public statement, Brad Sherman (D-Sherman Oaks), chairman of the committee on stakeholder security and state marketplaces, discussed the effects of FTX bankruptcy, once a significant cryptocurrency exchange.

The descent of it, one of the biggest crypto businesses worldwide, starkly illustrates both the dangers of electronic possessions and the serious flaws in the sphere that has developed with the lack of regulation measures. 

The failure of FTX is significant

The recent failure of FTX, according to Sherman, clearly showed either the risks implicit in electronic money and the significant flaws of the sphere that has developed on the basis of crypto.

He added that those in charge of the regulation of the trading platform are to blame. According to him, the situation with the cryptocurrency market is something that interests him. 

Even though it is yet obvious that the occurrence with the FTX will lead to losses in the thousands of dollars, it is still unclear how much harm will be done to investors and consumers in the US and elsewhere.

The series of incidents and management blunders that contributed to this collapse must be understood clearly. 

Efforts to regulate crypto

Sherman has assured to assist with U.S. efforts. S. investigators and law control regulatory establishments to identify and pursue those accountable for the current state. His aim is to remove the regulatory uncertainty that currently exists for the cryptocurrency industry.

In the upcoming weeks, the US Congress intends to think about options for state lawmaking and regulation of crypto trading, according to a recent official statement sent to the press. 

Sherman uncovers the successful attempt by Crypto Billionaire Brothers to overturn the crucial state of the lack of law regulation.

The ill regulated and failed crypto businesses cost millions of dollars for the economy. Sam Bankman-Fried, the Chief executive officer of the infamous FTX, donated and spent almost four hundred million dollars on politics.

Additionally deserving of attention, according to Sherman, is Ryan Salame, co-creator of the Bahamas FTX company. According to a member of the US Congress, when analyzing FTX’s lobbying efforts in Washington, all lawmakers need to consider either of the company leaders.

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