Gregory's ServerSen. Brown (D-OH) opens with a very critical statement, where he talks about Facebook's Libra project (shut down by gov't.) which he describes as a "shiny tool" to try to extract money from consumers.
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 Sen. Toomey (R-PA) says largely the opposite to Brown, and echoes the crypto industry's line that we must separate FTX's wrongdoing from all this promise that supposedly exists in the industry. "There's nothing intrinsically good or evil about software, it's about what people do with it... Code committed no crime..." – Sen. Toomey 😮💨 Sen. Brown introduces the witnesses. Prof. Hilary Allen and Ben McKenzie Schenkkan (better known as Ben McKenzie) will be critical of crypto; Kevin O'Leary and Jennifer Schulp are both pro-crypto. First up is Prof. Hilary Allen. Her statement is challenging crypto's claims they are decentralized. She has suggested that "a ban on crypto would be the most straightforward". She says that if legislators are not willing to proceed with a ban, then they must be very careful not to enact laws that would make crypto "too big to fail". |
"Crypto doesn't get a free pass because it's shiny and bright, or because venture capitalists think it might change the world." – Sen. Brown
Brown urges that this hearing is not just about FTX, but will focus on the crypto industry and consumer protection.
#FTXhearing