The collapse of the FTX cryptocurrency exchange under Samuel Bankman-Fried is sure to draw a response from Congress.
However, U.S. Sen. Tommy Tuberville (R-Auburn) warns there could be unintended consequences by such a move.
During an interview with Fox Business Network's Larry Kudlow on Friday, Tuberville acknowledged cryptocurrency "was here to stay" and said regulated exchanges could move to foreign countries, even U.S. adversaries.
"Well, we have got to protect the American people," he said. "You know that. We do not need these exchanges moving to other countries. Crypto is here to stay. It's not going anywhere. Now, it's had a huge setback. And you might be right – we might need to do something where it's single-handedly handled by a different group. The problem is right now, Larry, nine out of 10 people, couldn't explain to you what crypto is. I mean, it is something that is very complex. A lot of people don't understand it, but they bought a lot of it, thinking everybody was getting into it and they were going to make a lot of money. Well, guess what? They lost it all. That happens every time we have a downturn in the economy."
"We need to regulate it," Tuberville continued. "I hate regulations myself. We have two bills that would do something to help it. But we don't need them moving to other countries like the Bahamas or Singapore. That's where these exchanges are going. And now what's happening, Larry, is we need to start looking at China. They are coming in trying to buy our exchanges in the United States. They're buying all the farmland. They're buying manufacturing. Now, China is coming in wanting to buy our exchanges. And you know where we are headed when that happens."
Jeff Poor is the executive editor of 1819 News and host of "The Jeff Poor Show," heard Monday-Friday, 9 a.m.-noon on Mobile's FM Talk 106.5. To connect or comment, email jeff.poor@1819News.com or follow him on Twitter @jeff_poor.
Don't miss out! Subscribe to our newsletter and get our top stories every weekday morning.