SEN RICHARD BLUMENTHAL: Congress could be inviting another crypto-fueled bank collapse
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The Senate Banking Committee will hold a meeting Thursday to mark up crypto legislation that further fulfills many of President Donald Trump’s promises to his crypto billionaire friends. In racing to finish the crypto industry’s wish list before midterms, Congress should remember what happened the last time crypto impacted legacy banking. We’ve seen this movie before — and taxpayers paid for the tickets.
Last September, as ranking member of the Senate’s Permanent Subcommittee on Investigations, I released a 292-page report documenting how three major American banks received dubious audits indicating they were sound — just before their catastrophic failures cost bank customers…
