Senate Banking Committee Chair: Working with Federal Agencies to Crack Down on Crypto

FTX’s spectacular collapse should be a wakeup call for Congress to address risks posed by the largely unregulated crypto industry, Senate Banking Committee Chair Sherrod Brown said. He and colleagues are "trying every day" to get new regulations in place and working with federal agencies to "crack down on crypto."

"It’s not like we snap our fingers and get a crypto bill through the Senate and through the House," Brown said on CNN’s State of the Union on Sunday. "Half the Senate, the Republicans and a handful of Democrats, still think crypto is legitimate and that it is something that should be a significant part of our economy."