WASHINGTON—With the House and Senate investigating what contributed to the collapse of FTX, a cryptocurrency company now in bankruptcy, NAFCU is calling for a clear regulatory framework to be created for cryptocurrency and other financial technologies.
Both the House and Senate are holding hearings this week related to the failure of the giant crypto platform FTX. On the eve of the House hearing, FTX Founder and CEO Sam Bankman-Fried was arrested in the Bahamas, where the company is headquartered, and charged with numerous fraud-related counts.
“Recent developments in the digital asset and stablecoin space have proven both the enormous potential of these innovations and the need for regulation,” Vice President of Legislative Affairs Brad Thaler wrote in a letter to House leaders, noting how distributed ledger technologies can enhance the financial systems ecosystem with operational efficiencies. However, without the proper regulatory framework to ensure the safety and soundness of these technologies within financial services, consumers and investors face significant risks, he said.
Don’t Forget Credit Unions
“We urge Congress to explore ways to provide regulatory certainty and parity across the financial services system and ensure a level playing field for all with new and emerging financial technology. As you do so, we urge you to ensure the needs of credit unions are considered in any legislative approach you undertake in the future,” Thaler concluded.
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