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US Senator Warren Is Skeptical About Crypto and Bank Relations

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US Senator Warren Is skeptical about crypto and bank relations. Elizabeth Warren has called on banking regulators to investigate financial institutions about their ties to the crypto market after the FTX crash.

Global regulators have called for stricter cryptocurrency industry regulations to be implemented to protect investors from fraud and fraud. The collapse of digital assets such as LUNC and TerraUSD, as well as the FTX crypto platform has made it clear that watchdogs are now taking action.

Will the FTX crash affect the big banks?

According to reports, Senator Elizabeth Warren called on banking regulators to investigate financial institutions regarding their ties to the crypto market. The development comes after two banks suffered losses due to the FTX exchange rate. Warren asked companies to provide details of banks that provided funds, loans and deposits to crypto startups. A lawmaker is in the process of introducing legislation to stop the volatile market. In a letter sent to Federal Reserve Chairman Jerome Powell and other industry leaders, Warren said the FTX Crash shows that more digital assets can be integrated into the banking system. It is the duty of the rulers to make them aware.

What does this letter mean for crypto?

Congress has issued two hearings on the FTX implosion and its effects. It may happen next week. Meanwhile, Warren’s letter refers to the growing concern about the integration of traditional financial markets and crypto markets. However, Warren is one of the biggest critics of digital marketing. He has issued several warnings against the crypto market in the past. He said the collapse of FTX revealed the close ties between banks and shady crypto companies.

The value of the crypto market fell below the important $1 trillion mark after the FTX crash. It is now worth $840 billion.

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