US lawmaker questions major crypto exchanges on consumer protection amid FTX collapse

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Ron Wyden, chair for the United States Senate Finance Committee, has requested information from six crypto firms on consumer protection following FTX’s liquidity issues and bankruptcy.

In separate letters dated on Nov. 28, Wyden targeted Binance, Coinbase (NASDAQ:COIN), Bitfinex, Gemini, Kraken and KuCoin, requesting information on what protections the exchanges had in place if a failure like the one that happened at FTX occurred. The senator said that crypto users who had funds with FTX had “no such protections” like those at banks or registered brokers under the Federal Deposit Insurance Corporation or Securities Investor Protection Corporation.

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