Sen. Elizabeth Warren is calling on bank regulators to investigate U.S. financial institutions over their ties to the crypto industry after two banks were buffeted by losses following the collapse of the FTX exchange
Warren, one of Washington’s most vocal crypto skeptics, has repeatedly warned against legislation that might give crypto firms leeway to skirt the rules that apply to stock exchanges, banks and brokerages.
Digital assets largely operate in a legal gray area that has kept them walled off from the Wall Street institutions that power markets. For the most part, that’s spared banks from a market contagion that rocked the crypto businesses after FTX declared bankruptcy last month — something Biden administration officials have also noted.
Still, FTX and related hedge fund Alameda Research, along with other crypto startups, started to forge links with a handful of small and midsize banks in recent years, sparking fears that the industry “may have closer ties to the banking system than previously understood,” Warren wrote.
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Sen. Warren demands answers from bank that dealt extensively with FTXSilvergate is one of the few U.S. banks that let customers move dollars onto crypto exchanges. FTX and related firms, like Alameda Research, had 20 Silvergate accounts.
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Democratic Sen. Warnock wins Georgia runoff against WalkerWith Warnock’s second runoff victory in as many years, Democrats will have a 51-49 Senate majority, gaining a seat from the current 50-50 split with John Fetterman’s victory in Pennsylvania. Full story
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Democratic Sen. Warnock wins Georgia runoff against WalkerATLANTA (AP) — Democratic Sen. Raphael Warnock defeated Republican challenger Herschel Walker in a Georgia runoff election Tuesday, ensuring Democrats an outright majority in the Senate for the rest of President Joe Biden’s term and helping cap an underwhelming midterm cycle for the GOP in the last major vote of the year.
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Democratic Sen. Warnock wins Georgia runoff against WalkerThe outcome of Tuesday's contest will determine whether Democrats have an outright 51-49 Senate majority or control a 50-50 chamber.
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