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Calls Mount for Cryptocurrency Oversight After FTX Exchange Collapses

HeadlineNov 21, 2022

President Biden and other G20 leaders are calling for more regulation of bitcoin and other cryptocurrencies to ensure global financial stability following the collapse of crypto exchange company FTX last week. Investors have sued disgraced CEO Sam Bankman-Fried, as well as a number of celebrity endorsers including NFL star Tom Brady, comedian Larry David and tennis star Naomi Osaka. FTX owes its 50 largest creditors over $3 billion, according to a bankruptcy filing, while 1 million or more people and businesses could be affected by its downfall. One of FTX’s creditors, the Ontario Teachers’ pension fund, was forced to write off its $95 million investment.

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