Binance, Coinbase, Bitfinex, Gemini, Kraken and KuCoin are all on the receiving end of a probing letter for the crypto industry.
Ron Wyden, chair for the United States Senate Finance Committee, has requested information from six crypto firms on consumer protection following FTX’s liquidity issues and bankruptcy.Binance, Coinbase, Bitfinex, Gemini, Kraken and KuCoin, requesting information on what protections the exchanges had in place if a failure like the one that happened at FTX occurred.
“As Congress considers much-needed regulations for the crypto industry, I will focus on the clear need for consumer protections along the lines of the assurances that have long existed for customers of banks, credit unions and securities brokers,” said Wyden. “If these protections had been in place before the failure of FTX, far fewer retail investors would be facing precipitous financial harm today.
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