Elizabeth Warren calls FTX a pile of magic beans, calls it a 'puddle of Magic beans'

Sen. Elizabeth Warren D-Mass. If federally insured banks were dangerously intertwined with cryptocurrencies, the FTX USD contagion spread could have been worse, he said.

What Happened: At a Senate Banking Committee hearing on Wednesday, Warren took aim at the troubled FTX, calling it nothing more than a pile of magic beans. Our banks stayed safe even as cryptocurrencies fell because of the efforts of President Biden's regulators, like Acting Chairman Gruenberg, to keepcryptocurrencies from becoming dangerously intertwined with our banks. Warren said that despite the Trump administration's and crypto boosters' aggressive efforts to bring crypto and all its risks into traditional banking, he did it.

Martin Gruenberg, the acting chair of the Federal Deposit Insurance Corporation, was among several Biden administration nominees who were the focus of the hearing.

The integration of cryptocurrencies assets into traditional banking is unsuitable because taxpayers may suffer the consequences, according to Warren.

A group of lawmakers led by Warren asked the Justice Department to investigate FTX's collapse and prosecute individuals involved in the alleged misconduct, particularly former CEO Sam Bankman-Fried.

Fidelity Investments, such as Fidelity Investments, are looking at ways to foray intocryptocurrencies. Senators, Elizabeth Warren D-Mass, Tina Smith D-Minn. and Richard Durbin D-Ill. Abigail Johnson, Fidelity CEO, asked Fidelity to reconsider usingBitcoin in the company's retirement plan offerings.

Price Action: ApexCryptoBTCUSD was trading at $17,129 at the time of writing, up 1.33% in the last 24 hours, according to Benzinga Pro.