Contagion spreading through the crypto industry could have been worse if federally-insured banks were “dangerously intertwined” with crypto, according to Sen. Elizabeth Warren, D-Mass.

Warren laid into the crypto industry during a Senate Banking Committee hearing, slamming troubled crypto exchange FTX as “not much more than a handful of magic beans.” 

“Our banks stayed safe even as crypto imploded because many of President Biden's regulators, like Acting Chairman Gruenberg, fought to keep crypto from becoming dangerously intertwined with our banks. And he did this despite the Trump administration's and crypto boosters’ aggressive efforts to bring crypto and all its risks into traditional banking,” Warren said.