The U.S. Senate held a hearing on the FTX incident, with bipartisan disagreements on cryptocurrency regulation issues

ChainCatcher news, according to CoinDesk, the FTX collapse has led to two distinctly different viewpoints among the two parties in the U.S. At a Senate Banking Committee hearing on Tuesday, Democrats praised their financial regulators as heroes for shielding the broader financial system from the impact of the FTX incident. Republicans, on the other hand, argued that if regulators had not driven crypto companies to operate outside the U.S., their oversight might have been able to prevent such misconduct.

It is reported that the chair of the U.S. Senate, D-Ohio, stated that during most of this year’s collapse of the cryptocurrency industry, the tokens themselves have not provided "anything useful or beneficial." Republican Senator Bill Hagerty contended that what happened "has nothing to do with the technology that underpins crypto itself," and part of the blame lies with Congress for failing to pass legislation to provide rules for cryptocurrency in the U.S. (CoinDesk)