Lawmakers can only do so much when it comes to investor protections, Rep. Jake Auchincloss, D. Mass., said Wednesday — and FTX is the latest example.
“Investors need to be doing much more due diligence,” Auchincloss said at the Blockchain Association Policy Summit in Washington, DC, referring to venture firms and equity holders who backed the now-defunct exchange.
“If you are putting your money down somewhere, you should be receiving open books in return,” he said.
The aftershock from FTX’s collapse only highlights what lawmakers have been saying for the better part of a year, according to Auchincloss. Many lawmakers have been focused on advancing cryptocurrency policy and regulation in the US to prevent these kinds of off-shore collapses, he added.
US Representative Jake Auchincloss | Source: Franmarie Metzler, U.S. House of Representatives photographer
“The crimes FTX was committing…were illegal 100 years ago,” Auchincloss said.
In terms of what we can exp
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