Top regulator says agency had no way to prevent FTX collapse ...Middle East

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Top regulator says agency had no way to prevent FTX collapse
source : The Hill ( Middle East ) () 16
A top financial regulator told lawmakers Thursday his agency lacked the proper legal authority to oversee collapsed cryptocurrency firm FTX and step in before the company imploded, setting off a crisis within the digital asset industry. Commodity Futures Trading Commission (CFTC) Chairman Rostin Benham told a Senate panel Thursday that his agency had insight only into a small segment of the FTX empire—one of the company’s few financially solvent affiliates—and did not have the ability to spot broader issues with the Bahamas-based crypto firm.  Benham also called for new rules that would give the CFTC and other regulators clear authority and more power to oversee crypto firms, which

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