The FTX-Binance feud has not crashed crypto prices but also prompted regulators to step in and prevent similar fallouts in the future. Reacting to these rising conflicts, United States Senator Cynthia Lummis once again highlighted the need for clearer crypto regulations.
She is known for her strong belief in crypto and this time, pointed out that the recent events that have transpired between Binance and FTX are the clearest example yet of why we need clear crypto rules of the road of digital asset exchanges in the US.
Her statements came just after Binance announced it was acquiring FTX.com. She also said that market manipulation, lending activity, and whether customer funds and assets are appropriately safeguarded are just a few of the many issues her colleagues and she need to consider in the coming days.
She also emphasized the importance of the Lummis-Gillbrand Responsible Financial Act, a bill sponsored by Senator Lummis that intends to bring digital assets within the regulatory framework.
Considering the circumstances, Binance founder CZ also revealed topping SAFU to an equivalent of $1 billion worth of several cryptocurrencies to adjust to recent price fluctuations.
