Political Quotes

“I come to the floor very briefly to make a note of an article that appeared this morning in the Chicago Sun-Times. The article relates to an opportunity that Terrence Duffy, who is currently the chairman of the Chicago-based CME Group, the Chicago Mercantile Exchange--Mr. Duffy, in his testimony before Congress and the Senate, has commented on the situation with the cryptocurrency exchange known as FTX and its former head, Sam Bankman-Fried. We are all aware of what happened here. This is a situation wherein an individual capitalized on the cryptocurrency craze and became a billionaire. He was a young man who struck a different pose than most financiers. He spent his time wearing T-shirts and playing video games when he wasn't making millions of dollars with his crypto investment. Many people were unfortunately drawn into his portrayal of what cryptocurrency could result in and lost their shirts. Mr. Bankman-Fried went from billionaire to bankrupt in a matter of 72 hours. The question is, Should America have seen this coming? Should we have done more? That raises serious questions. The purpose of entering this article into the Record is to make note of the fact that Terrence Duffy, with the Chicago Mercantile Exchange, forewarned us of this possibility. The Chicago Mercantile Exchange is a major part of the economy of Chicago, of Illinois, and of the Midwest. It is an industry that has been established over decades, and it is a regulated industry.…”