Members of Congress from both sides of the aisle are calling for congressional action in the wake of the Chapter 11 bankruptcy filing by FTX Trading Ltd., the world’s second-largest cryptocurrency exchange, which was founded by Democrat mega-money man Sam Bankman-Fried.
The cryptocurrency market consists of hundreds of billions of digital financial assets and is viewed by advocates as the eventual replacement for hard money. As a major player in the industry, FTX represented an estimated 130 related corporate entities around the world.
The bankruptcy filing affects most of them, including Bankman-Fried’s crypto hedge fund Alameda Research and FTX US, but not subsidiaries FTX Australia Pty., FTX Express Pay Ltd., and others….