The Latest Breaking News from Sam Bankman-Fried

WASHINGTON — The spectacular collapse of major cryptocurrency exchange FTX is prompting calls for stronger regulation in Congress, where some bipartisan proposals are being characterized as too industry friendly.

Musk needs corporations to feel comfortable advertising their products and services on Twitter for the company to avoid bankruptcy, and catering to the internet’s seedy underbelly does not help.

Lawmakers say the collapse of FTX should strengthen the case for Congress to pass legislation to regulate the cryptocurrency industry.

“I wanted to get rich, not because I like money but because I wanted to give that money to charity,” Sam Bankman-Fried once said.

Bankman-Fried promoted himself as an eccentric genius. In reality, his image was a distraction from what was going on inside FTX

"FTX faced a severe liquidity crisis that necessitated the filing of these cases on an emergency basis last Friday," lawyers for the now-bankrupt crypto exchange told a Delaware court late Monday.

Stocks futures higher with retail earnings, data in focus; Walmart Q3 earnings to focus on inventory, margins as shoppers seek value; Home Depot earnings in focus as housing market slumps; Taiwan Semi surges as Warren Buffet reveals $4.1 billion stake in chipmaker and FTX bankruptcy details multiple probes, questions SBF…

The now-bankrupt cryptocurrency exchange FTX made real money off of its own digital currency, called FTT. That currency is practically worthless now, but investors continue to trade it.

Sam Bankman-Fried and Ryann Salame spent $56 million on the midterm elections.