Senate Finance Committee Chairman Ron Wyden has requested information from crypto exchanges on how things are going after the collapse of FTX.
The Democratic chairman has requested details on the assets on the balance sheets of Binance.US, Coinbase, Bitfinex, Gemini, Kraken, and Kucoin, the legal entities they hold, and how funds are allocated between them.
Chairman of the Senate Finance Committee, Requests Information
Wyden also requested information on anti-money laundering compliance and controls against digital asset market manipulation in his letters to these exchanges.
Wyden used the following statements in his statement:
“As Congress evaluates much-needed regulation for the crypto industry, I will focus on the needs for the assurances banks, credit unions, and securities brokers provide to their clients.
If these protections had been in place before FTX went bankrupt, far fewer individual investors would face serious financial losses today.”
Clients of the bankrupt offshore trading firm’s US subsidiary will face a lengthy process to get their funds back.
Crypto loan firm BlockFi has become the last company to file for bankruptcy after being affected by the collapse of FTX.
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