The collapse of FTX may spur more calls for regulation on Capitol Hill, Lisa Braganca, a former enforcement branch chief at the U.S. Securities and Exchange Commission, said, but she is doubtful about whether Congress will act.

“I have serious doubts still about whether Congress wants to step in and do something rather than letting the SEC and the CFTC (Commodity of Futures Trading Commission) figure it out,” Braganca said. “This is complicated.”

FTX, which was founded and led by entrepreneur Sam Bankman-Fried, has put regulators in a tough spot, partly because of Bankman-Fried's close relationship with lawmakers, Braganca said. Braganca added that lawmakers aren't equipped to “just figure this all out on their own” and need experts and agencies they can trust.