U.S. lawmakers scramble to regulate crypto in wake of FTX turmoil

FILE PHOTO: U.S. Senate Banking, Housing
and Urban Affairs Committee holds hearing on
Capitol Hill in Washington

NEW YORK/WASHINGTON (Reuters) -U.S. senators on Wednesday pressed Congress to regulate cryptocurrency under existing financial rules, as lawmakers scramble to rein in the troubled industry after prosecutors filed criminal charges against FTX founder Samuel Bankman-Fried.

Lawmakers are generally in agreement that crypto firms should have greater regulation, but there are divergent views on how the industry should be regulated.

Critics say the crypto world is riddled with fraud and misconduct, but proponents say the industry has simply suffered from a lack of regulation.

Full story at Yahoo News.

By Chris Prentice and Moira Warburton