Pat Toomey: “I think a lot more needs to be done, and I think it can be done.”

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.

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

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.

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