The spectacular collapse of major cryptocurrency exchange FTX is prompting calls for stronger regulation in Congress, where some bipartisan proposals are being characterized as too industry friendly.
FTX, where users could buy and sell cryptocurrency, had grown rapidly into a prominent fixture, with a quirky CEO familiar to lawmakers on Capitol Hill. NFL quarterback Tom Brady promoted the exchange in Super Bowl ads as the “safe and easy” way to get into crypto as a skeptical Larry David humorously played the foil.
The skepticism turned out to be warranted. On Friday, after a tumultuous week, FTX filed for bankruptcy and embattled CEO Sam Bankman-Fried resigned.
