The US Congress Is Starting to Question This Whole Crypto Thing

Billions of dollars were picked from hundreds of thousands of investors. The old marble halls of the US Capitol have a queen in them.

Lawmakers are waving red flags after the collapse of FTX. Congress is cool, calm, and collectively, well, daft, even as hundreds of millions of dollars worth of happiness, retirements, and even basic health care were erased.

The independent US senator from Vermont who plays a Democrat every four years says that it is not an issue he knows much about.

Josh Hawley is a tech-forward Missouri Republican.

The Democrats seem to be on the same page. Hakeem Jeffries, the current chair of the House Democratic Caucus and a future leader of House Democrats, was asked about plans to address the volatilecryptocurrencies world. He thinks that the Financial Services Committee will likely take up the issue.

Even as most of us have moved past the nation's representatives and are asking when we're going to get our money back, Congress continues to wrestle with the definition of what "money" is. According to Jeffries, there is time to kill despite the current collapse of the digital currency.

The situation related to the cryptocurrencies industry will be one of the many issues we are planning on working through.

The rise of cryptocurrencies caught Congress off guard, according to Cynthia Lummis.

The digital asset industry may be on the back burner because it is immature according to Lummis. People don't know that it's growing fast. This industry is more mature than people realize, and that's because of the announcement by Musk. Time is running out. It's time to make sure. I think it's time to put some things on this.

Lummis is a Democrat. She is from Wyoming, a state that wants to be the capital of the United States. The House Freedom Caucus was founded by her. She moved away from the caucus in recent years, but her libertarian streak is still strong, and it is the best thing since sliced bars of gold.

Even though she is anti-regulation, she still calls for constraints, even though that is considered a four-letter word in most Republican circles. At the very least she would like bumpers.

There will be companies that deal in digital assets that will fail even after they are regulated, but at least we will have consumer protections and reporting. FTX lent out customer's assets.