Senate lawmakers are taking a closer look at Binance in the wake of FTX's collapse, with a hearing today frequently touching on the off-shore exchange while senators also expressed broader concerns around the whole digital asset industry.

Money laundering concerns, consequences of greater exposure to the broader financial sector, and Binance’s role in its rival’s failure all came up during the hearing, which featured an unusual mix of celebrity and expert witnesses. 

“You think about a similar implosion by Binance, that would really prove catastrophic,” said Sen. Bill Hagerty, R-Tenn. “It would prove catastrophic to the cryptocurrency industry, and prove catastrophic to all of the consumers that utilize the industry,” continued the Tennessee Republican, who also pointed out possible links between Binance and the Chinese government, which a spokesperson for Binance denied.