FTX collapse a wake-up call on crypto policy
India should frame rules and also lead efforts to design global standards for the regulation of such tokens
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India should frame rules and also lead efforts to design global standards for the regulation of such tokens
U.S. lawmakers on Wednesday, in a rare bipartisan vote, called on FTX's Sam Bankman-Fried to testify in a hearing about the crypto exchange's decline.
The implosion of FTX, once a darling of the crypto industry with a $32 billion valuation as of January, has spurred investigations by the US Justice Department, the Securities and Exchange Commission, and the Commodity Futures Trading Commission, a source with knowledge of the investigations said.
The FTX headquarters located in the Bahamas, and its tragic downfall, is being investigated by Bahamas Police after authorities froze its assets.
This weeklong tale of financial discrepancies has hit cryptocurrencies on a different level. The value of Bitcoin has seen unexpected lows since 2020, along with the dipping values of altcoins such as Cardano, Solana, XRP, and Dogecoin by more than 10 percent.