Pat Toomey: “The 21st century will not be America's century if we are not open to innovation.”

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.

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