Senate Banking Committee Chair Sherrod Brown, D-Ohio, is sounding the alarm on crypto following FTX's collapse. “This year we’ve seen cryptocurrency values collapse by $2 trillion. 2,000 billion dollars,” Brown said at the opening of a hearing with top U.S. banking regulators. "The parallels to past financial crises throughout our history are troubling.”

Brown's Republican counterpart, Sen. Pat Toomey, R-Penn., pushed back on this sentiment in his line of questioning. “The insinuation was that they might have the ability to crash our financial system,” Toomey said. "It’s fundamentally not about the kind of assets held at FTX, it’s about what individuals did with those assets.” 

Toomey drew a comparison to MF Global's bankruptcy. “Nobody suggested that the problem was the instruments that were used. The problem was the use of customer funds.”