I know you fully appreciate the importance of this index, how widely used it is for all kinds of transactions and how the American financial system--I do not want to say it is dependent on it, but it is totally integrated into this.
Toomey emphasizes the critical role of LIBOR in the financial system.
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We owe it to each customer to get to the bottom of the FTX implosion, and any violations of the law should be aggressively prosecuted.
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.
Congress can and should offer a sensible approach for the domestic regulation of these activities.
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