U.S. lawmakers press federal banking regulators on the industry’s exposure to crypto
Bahamas-based crypto exchange FTX filed for bankruptcy in the U.S. on Nov. 11, 2022, seeking court protection as it looks for a way to return money to users.Sens. Elizabeth Warren and Tina Smith asked leaders and three key federal financial regulators for information about cryptocurrency firms' involvement with small banks.
Wednesday to the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency asking about the close ties between crypto markets and traditional banking following the collapse of crypto exchange FTX.The letters are the latest in a series of inquiries to various financial institutions and regulators about cryptocurrency oversight.
The letter referenced reporting from The New York Times that revealed former FTX CEO Sam Bankman-Fried's sister company Alameda Research invested $11.5 million in Washington state-based Moonstone Bank. The amount was more than double the bank's worth at the time, according to the report. Crypto loans comprised over half the equity capital for Provident bank, which is experiencing potential losses as high as $27.5 million, the senators wrote.
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