FTX actions 'were illegal 100 years ago,' says Rep. Auchincloss
Congressman Jake Auchincloss, D-Mass., rejected the urgency for new crypto legislation in response to the collapse of FTX last week. "The crimes FTX were committing were not some tech-specific, wiz-bang, 2022-era set of crimes. They were illegal 100 years ago. You can't do that.” .
The role of venture capitalists and private investors pouring money into crypto startups without performing independent due diligence also drew Auchincloss' criticism. “If you’re putting money down you should be getting open books in return,” he said. Congress has reacted strongly to the failure of FTX, partially as a result of that company's ubiquitous presence in Washington, D.C. The line of questioning was in response to growing alarm.
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