Ohio Democrat Sherrod Brown, who who chairs the U.S. Senate Banking, Housing, and Urban Affairs Committee, is once again raising concerns about consumers getting ripped off after investing in cryptocurrency. He's been advocating for regulations like those that apply to traditional US currency for quite some time, even warning at a hearing in July, 2021, “There’s nothing ‘democratic’ or ‘transparent’ about a shady, diffuse network of online funny money."
But now, in the aftermath of the massive FTX Cryptocurrency exchange meltdown, resulting in more than $8 billion dollars in losses for investors who traded on the $32 billion dollar platform, and multiple federal charges against its founder, Sam Bankman-Fried; he's kicking it up a notch, and once again calling for more consumer protection.
Listen now, to his comments from a recent Senate Banking Committee hearing, entitled "Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers”. We'll also hear from Finance Professor, David Pelleg, who used to work on Wall Street, and teaches classes on Cryptocurrency, at Kent State University.
US Senator, Sherrod Brown (D-Ohio)
Finance Professor, David Pelleg, Kent State University