Pat Toomey: “One of the principal virtues of the true lender rule is that it creates a clear rule, provides certainty in advance…”

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.

I think there is a case to be made that there should be a regulatory regime on disclosure requirements for an issuer.

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.

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