Crypto lender BlockFi files for bankruptcy, cites FTX exposure

[SWBTATTReg]

18. Raw greed is what drove this whole animal. What gets me the most is where were all of the checks

and balances that should be in place, to check upon exposures to investors in case things got really bad (like they are now).

IMHO, republicans were demanding that all safeguards be removed that Liz Warren spearheaded years ago (Consumer Financial Protection Bureau as part of the Dodd-Frank financial reform legislation. The main goal of the CFPB was to police credit lenders and prevent consumers from unwittingly signing up for risky loans.).

Liz W. is in front again w/ demanding better safeguards to be put in place after this crypto disaster. I love to see how republicans view this disaster now, being that they were demanding removal of safeguards from the CFPB that could have reduced the negative exposure of investors to this disaster?


George Glover
Thu, November 24, 2022 at 10:19 AM: FTX's collapse shows the need for proper crypto regulation, US senator Elizabeth Warren said Tuesday.REUTERS/Joshua Roberts. "FTX's implosion should be a wake-up call. Regulators must enforce the law before more people get cheated," she said. Warren criticized crypto’s usage in money laundering and its high environmental cost.

FTX's sudden implosion shows there's a need for proper crypto regulation before digital assets cause wider economic damage, according to Elizabeth Warren. The Massachusetts senator said Tuesday that financial watchdogs need to intervene in the space to protect retail investors, after the sudden collapse of Sam Bankman-Fried's exchange erased at least $1.7 billion in customers' funds.