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David Gura

Wringing its hands over FTX's collapse, Washington hopes to prevent more crypto pain

FTX Crypto Gary Gensler Sam Bankman-Fried CFTC Cynthia Lummis Patrick Toomey Pat Toomey Rostin Behnam SEC

Sam Bankman-Fried, then FTX's CEO, appeared before the House Financial Services Committee in December 2021. Its chairwoman, Rep. Maxine Waters (D-CA), says she expects him to testify again soon. (Alex Wong/Getty Images)

Lawmakers are watching the fallout from the sudden collapse of crypto company FTX, stunned.

"FTX wasn't just another exchange," according to Sen. Pat Toomey (R-PA), the ranking member of the Senate Banking Committee, whose personal investments include cryptocurrency. "This is different."

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