Lawmakers Wary Of Crypto Exchange FTX's Trading Plan

By Elise Hansen (May 12, 2022, 7:47 PM EDT) -- Lawmakers on Thursday expressed skepticism about cryptocurrency exchange FTX's proposal to directly clear certain trades that are made with borrowed equity, saying the plan could increase the risks in an already volatile market.

Rep. David Scott, D-Ga., who chairs the House Agriculture Committee, called FTX's proposal "an emerging and worrisome threat" at a Thursday hearing discussing the idea. He also noted the considerable risks consumers already face in the cryptocurrency markets. The meltdown of stablecoin TerraUSD this week and a downturn among top cryptocurrencies has wiped out billions in market value in a matter of days, according to CoinMarketCap.

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