Regulated Crypto News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Going to need cash. of course, tesla is the main target for that kind of situation. but if say he might need to pay attention to the rockets he's sending into space. he's a little distracted right now. >> i know you want to talk about ftx. >> years ago, i wrote a piece saying it's for control criminal, scammers. the reason it's such a disaster is because there's no oversight. i don't think people realize how much the feds check in on our banking system, our financialwork. yes, we saw the great financial crisis of 2008. that made a lot of people cynical, but the answer is not less oversight. th...

It's complicated because there's not a lot of knowledge of what crypto is. who is this guy? >> a guy who sort of exploded on the scene as a crypto genius. had a tremendous amount of media coverage and turns out was using a lot of these funds perhaps to promote himself, his firm, put the ftx logo on the miami heat arena. so sort of build up this image he had of being the real power house in this very new, exciting arena. so crypto is kind of a thing that people got ahold of and ran with and they saw people making a lot of money with it. they wanted to join in. >> and there were a lot of celebri...

Different areas of misconduct. first, bankman-fried defrauded customers, the crypto currency exchange he founded. second, he defrauded lender, alameda research, his proprietary hedge fund. third, redefrauded investors in ftx and lastly, we allege that he violated campaign finance laws. now, let me say a little more about what we allege in the indictment. first, we charged that from 2019 until earlier this year, bankman-fried and his coconspirators stole billions from his customers. he used that money from his personal benefit including to make investments and to cover expenses and debts of his...

Not to unpack the scandal. it was to talk about the future of regulating crypto currency as form of currency. so this is no doubt going to speed that process up and there of course is this is part of the indictment. you know, there is millions of dollars flooding in to the campaign coffers of both republicans and democrats from people who have interests in crypto currency so this is an issue that's not going away. >> he donated a lot to democrats. beto o'rourke says he's giving back the $1 million that was given to him or he's already given it back. charity donations for others that got that m...

Crypto currencies and may have lost a great deal of money in the process. it's about the same size. there are one million reported clients who may have as much as $50 billion in losses and bernie madoff was 65 billion. enron was 25 billion. so yeah, it ranks up there in the annals of wall street scandals in terms of size, scope. although not necessarily impact. the one thing about crypto is it's been relatively isolated from our financial system so it doesn't necessarily pose a risk to the entire system as other scandals in the past might have. >> if you were watching your screen and wondered ...