🤔 Sus… After FTX imploded, a WSJ source said the crypto exchange secretly lent over half its customers' funds to its sister trading firm, Alameda Research, forcing FTX to suspend withdrawals as customers rushed to get their money back. And…
🔎 Sleuthy… While Bahamas-based FTX crumbles, the SEC is investigating FTX’s separate US subsidiary. The commission is said to be looking into whether FTX.us sold unregistered securities — in addition to FTX's handling of Americans' money.
📜 Policy… Before the FTX fiasco, lawmakers had been working with CEO Sam Bankman-Fried to shape industry-friendly crypto regulation like the Digital Commodities Consumer Protection Act. Any collab may now be toast as elected officials eye the fallout.