After the dissolution of the FTX, US Senators Elizabeth Warren and Tina Smith are calling for an accounting from the Federal ReserveFederal Reserve and other US financial regulators of banks' activity and ties to the industry.
The letter released by Warren's office on Thursday showed that the banking system may be more integrated into the banking system than the regulators are aware of, while the banking system has been relatively unaffected by the recent crash of FTX.
Senators, both Democrats on the Senate Banking Committee, wrote that they wrote to express concern and to inquire about how your agency assesses the risks to banks and the banking system associated with those relationships.
The letters asked for details on banking's trading and loans to cryptocurrencies, and asked if regulators plan to conduct a review of firms' relationships with banks. They gave regulators two weeks to respond to their requests.
The collapse of Bahamas-based FTX filed for bankruptcy last month after the disappearance of at least US $1 billion of customer funds. Lawmakers have launched inquiries into the industry.