Democrats renew push for cryptocurrency regulations after FTX collapse

Democratic lawmakers and agency officials are calling for more regulations on cryptocurrencies after one of the largest exchanges neared collapse.

Crypto critics are ramping up pressure for new rules after the apparent collapse of the exchange FTX, which is facing a mass loss of confidence amid reports of deceptive conduct and is seeking to be acquired in order to reassure customers and investors that they will get their money back. Its struggles have caused the crypto market to slump in value and led to government investigations.

"The collapse of one of the largest crypto platforms shows how much of the industry appears to be smoke and mirrors," Sen. Elizabeth Warren (D-MA) tweeted on Wednesday. "We need more aggressive enforcement, and I'm going to keep pushing to enforce the law to protect consumers and financial stability."