Pat Toomey: “I do not dispute the legal authority to do it. I am just--you know, as I say, it caught us by surprise.”

Congress can and should offer a sensible approach for the domestic regulation of these activities.

It is absolutely essential to investigate any fraud and violations of existing law, and prosecute those who are committing those crimes.

I think that there are a number of ways that you can go about creating a regulatory regime to take account of that risk.

There was unauthorized lending of customer assets to an affiliated entity, and there were apparently fraudulent promises to investors and customers about FTX's operations.