Mike Flood: “I would like to focus on one particular aspect of this bill. It is exactly responsive to the problems in the digital…”

“I would like to focus on one particular aspect of this bill. It is exactly responsive to the problems in the digital assets market that we have seen over the last couple of years. In the aftermath of the collapse of FTX in 2022, we need to ensure that there are investor protection rules that prevent anything from happening like that again in the United States. Under the regulatory structure created by this bill, FTX would not have been able to register. FTX would not have been able to comingle customer funds that hurt so many of their investors. Some of my friends on the other side of the aisle have spoken about protecting investors. The great irony is that they are opposing a bill that would do just that. If you believe in investor protection, if you believe we need to respond to the disaster of FTX, then we need to pass a bill that would prevent the next FTX. The status quo will not work. It did not work in 2022, and it will not work today. Mr. Chair, I urge my colleagues to support this bill.”