Two US senators are urging the Justice Department to crack down on FTX during its trial. In a letter written by Senators Elizabeth Warren and Sheldon Whitehouse, they demand justice for the victims. The letter is addressed to Attorney General Merrick Garland and Deputy Attorney General Kenneth Polite, Jr.
The various requests made to prosecutors
In their memo, the plaintiffs indicate that they hope the DOJ will conduct its investigation into the events of November 11. Therefore, the instance will have to determine the reasons for the collapse of FTX with the utmost care. This is in line with its commitment to hold those responsible for white-collar crime personally accountable. However, no one yet knows what laws FTX and its CEO Sam Bankman-Fried broke. Moreover, there is no indication whether they remain subject to US law.
In effect, senators think that as the situation evolves, new information will come to light. They will then make it possible to better understand how the deception of Bankman-Fried and associates harmed the clients of FTX. This information may also demonstrate that the issues facing the crypto industry go far beyond FTX. That’s why they implored the department to focus on the actual victims during its investigation. Then he will take legal action against those responsible for their suffering.
Elizabeth Warren is not ready to accept cryptos
On Tuesday, Senator Warren published an opinion piece in the Wall Street Journal. In her note, she reiterates her opposition to the cryptocurrency sector. For the senator from Massachusetts, cryptocurrencies are like other systems set up by scammers and fraudsters.
Cryptocurrencies are said to have a lot of potential to improve the efficiency and accessibility of the financial system. She acknowledges that it may be true, but there is nothing original about it. In fact, history is said to be full of financial scams peddled by crooks and charlatans. Thus, the latter always assert that new innovations had exceeded the need for legislation. However, she thinks these claims seem fatally irrational and cryptos are no exception.
In sum, FTX’s lawsuit is still ongoing. However, the fall of the platform could mark a turning point in the history of cryptos.
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