Pat Toomey: “So you are rejecting applications from 80 to 85 percent of the applicants because they do not meet your credit…”

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.

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

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