Senator questioned witnesses about the collapse of FTX, crypto scams, and protecting everyday Arizonans’ hard-earned savings
WASHINGTON – Arizona senior Senator Kyrsten Sinema spoke in a Senate Banking Committee hearing about the need for greater regulatory clarity and enforcement in the cryptocurrency industry to protect everyday Arizonans’ hard-earned savings.
The hearing follows the arrest of FTX Trading founder Sam Bankman-Fried for fraud and money laundering, which underscored how easily technology can be manipulated to hurt everyday Arizonans.
“I believe we have obligations to everyday Arizonans engaging with the cryptocurrency industry. First, make sure they have the information they need to understand risks and opportunities and ultimately make investment decisions that work for themselves and their families. Second, grow the U.S. economy and protect the integrity of our capital markets. Third, provide a regulatory framework that responsibly promotes innovation here in the U.S. while increasing funding for enforcement – to ensure that any bad actor is pursued quickly and harshly. Protect investors. Protect the economy. Promote innovation. Go after the bad guys. It’s pretty fundamental,” said Sinema, a member of the Senate Banking Committee and Co-Founder of the Senate Financial Innovation Caucus.
During the hearing, Sinema expressed her belief in the future and potential of the cryptocurrency industry while acknowledging that such technology and anonymity can be misused to deceive and defraud everyday Arizonans.
Sinema partnered with Republican Senator Cynthia Lummis (Wyo.) to launch the bipartisan U.S. Senate Financial Innovation Caucus, which aims to highlight responsible innovation in the U.S. financial system, and how financial technologies can boost America’s economic global standing and expand opportunities in Arizona and across the country.