Market manipulation, lending activity and safeguarding of customer funds and assets are some of the many issues Senator Lummis plans to address in the coming days. 3997 Total views 32 Total shares Listen to article 0:00 News The feud between the CEOs of crypto exchanges FTX and Binance Sam Bankman-Fried (SBF) and Changpeng CZ Zhao not only crashed cryptocurrency prices but also reminded regulators to step in and avoid similar fallouts in the future.

Ever since CZ publicly announced Binances intent to liquidate its FTX Token (FTT) holdings, investors anticipating a price dump began selling off their FTT holdings as a means to minimize their losses. What followed was a steep 86% drop in FTTs market value, down from the $22 range to $3.00 in a matter of hours.FTX Token (FTT) price dropped over 86%. Source: TradingView

However, the eventful day concluded with CZ announcing Binances intent to acquire FTX, and SBF sufficed the move citing consumer protection. Reacting to this development, United States Senator Cynthia Lummis known in the community for her strong belief in crypto highlighted the need for clearer crypto regulations:

The recent events that have transpired between FTX and Binance are the clearest example yet of why we need clear rules of the road for digital asset exchanges in the United States.

She pointed out the importance of the Lummis-Gillibrand Responsible Financial Innovation Act, a bill sponsored by Senator Lummis that seeks to bring digital assets within the regulatory perimeter.

Given the evident influence of crypto entrepreneurs in swaying the cryptocurrency prices with just a few tweets, Lummis highlighted:Market manipulation, lending activity, and whether customer funds and assets were appropriately safeguarded are just a few of the many issues my colleagues and I need to consider in the coming days.

While SBF chose to remain silent over the last 16 hours at the time of writing, CZ revealed topping Binances SAFE insurance fund with cryptocurrencies worth $1 billion to adjust to recent price fluctuations.

Related: Binance’s FTX acquisition seen as chess move by crypto community

As a result of the FTX-Binance fiasco, SBFs personal wealth plummet 94% and ripping off his billionaire status overnight.

Before Binances takeover announcement, Bankman-Frieds 53% stake in FTX was worth around $6.2 billion. #Altcoin #Senate #Changpeng Zhao #United States #Binance #Regulation #Sam Bankman-Fried #FTX Token #FTX Related News What is Solana (SOL) Pay, and how does it work? How to pay your bills with cryptocurrency? SBF calls for collaboration with Binance for the ecosystem FTX Token, BNB and Solana soar after Binance CEO inks potential deal to acquire FTX Binance CEO shares two big lessons after FTXs liquidity crunch