On November 10, Senator John Boozman of the United States issued a statement about consumer protection in the aftermath of the FTT Alameda debacle.
John made the statement to show how important it was that the US government show more interest in overseeing the digital asset industry.
He went on to say that the Digital Commodities Consumer Protection Act of 2022 was drafted to protect the interests of consumers.
This bill, when implemented, will bring a high level of accountability and transparency to the digital asset industry.
The FTT Alameda fiasco has been the talk of the town, especially in the crypto industry. Many have lost millions of dollars due to the plunge in price that sent FTT crashing below $3 from $22.
FTX exchange and Alameda Research, owned by Samuel Bankman Fried, have been accused of mishandling customers’ funds and using them for personal gain.
On November 8, FTX froze all withdrawals on their platform, prohibiting customers from accessing their funds.
The following day, all FTX-related websites went dark and became inaccessible.
Binance CEO Changpeng Zhao had planned to acquire the FTX exchange to prevent it from collapsing. However, he withdrew when further investigations revealed that they might have been involved in fraud.
