2022-11-12 10:00:00

California Authorities Are Looking Into The Collapse Of The FTX Cryptocurrency Exchanges

The California DFPI said it will launch a probe into the “lack of effectiveness” of FTX and stressed how gravely it takes this observation.


According to California authorities, the DFPI considers this supervisory duty “extremely seriously” and requires all organizations providing banking services in the jurisdiction to abide by local financial rules.


Additionally, it urged everyone in the region that has been impacted by the ongoing FTX controversy to contact a special hotline.


FTX asserts its U.S. subsidiary is not engaged in the occurrences, although the California legislature is one of several government agencies in the US to lately speak about the topic.


The creator of FTX, Sam Bankman-Fried, issued a 22-tweet sequence in which he repeatedly reaffirmed that FTX US is a separate organization from the foreign one experiencing difficulties.


Nevertheless, FTX US subsequently on November 10 stated that it might cut off trade on the site soon. On the American website, it is now written that “withdrawal effects are and will continue to operate.”


FTX digital currencies are “completely useless,” and its service users are left in the dark, as per Maxine Waters, chairwoman of the US House of Representatives Financial Services Committee, who tried to persuade for relatively strict private sector rules on Nov. 10.


The government will “keep monitoring” activity in the cryptocurrency field, according to a statement made by White House secretary of press Karine Jean-Pierre the following day. The need for “cautious monitoring” of cryptocurrencies is further highlighted by “recent headlines.”


In wake of the report and mentioning the occurrence, U.S. Senators Debbie Stabenow & John Boozman reaffirmed their commitment to finalizing and releasing a forthcoming crypto bill.


FTX US left the Crypto Council for Development in the midst of all of this.

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