At the hearing of the working Group on Digital money, Financial Technology and Diversity of the U.S. House of Representatives Financial Information Services Committee (United States House Committee On Financial Services), lawmakers and witnesses discussed and focused on the collapse of FTX, the password trading center, and other bullish things in this field.

In a speech to lawmakers on March 9, BitGo co-founder and CEO McBelsh named and criticized the SEC's enforcement action against password companies that was "trying to do the right thing"-communicating with regulators and finding a way to operate in the United States. He listed what happened to BitGo in talks with SEC in 2018, looking for a way to control how the company should manage its assets, only to wait for more than four years to get an established answer.

Belsh felt that SEC's refusal to deal with "basic" regulatory challenges such as the sale of BTC (BTC) exchange traded funds (ETF) seemed to open the door for villains like Rob Bankman-Fried to operate FTX as practically as he did. The former CEO was charged by the SEC, the Commodity Futures Trading Commission (Commodity Futures Trading Commission) and federal prosecutors for moving client assets between the trading center and Alameda Research.

Belsh said: "you must want to know that if the principles of BTCETF are supplied and licensed by SEC, we cannot prevent the injection of huge assets into FTX." "there are more than 25 reasonable applications-some of them from Invesco and other reputable companies, which have long been engaged in the ETF business process."

Most of the discussions at the hearings by lawmakers and technical experts revolved around what federal government organization could control some encrypted assets if Congress were to follow the law. Some Democrats seem to criticize in particular the Biden administration's approach to data encryption, as evidenced by the title of the hearing article, which called the Biden administration's move an attack in the digital currency ecosystem.

Congressman Tom Tom Emmer said, citing a report released by the White House on reducing password-related risks on January 27th, that the report summarizes President Ban Ki-moon's political plan to illegally misuse the executive branch of our country and lead US password companies and US customers to offshore accounts that will not be regulated, transparent and dangerous sales markets. This government has weaponized commercial banks to debunk the theme of reasonable and legal passwords here in the United States, using bluff measures to drive the entire market out of the United States.

Other witnesses at the hearing blamed the password as a whole rather than rebuking any organization, the ruling party or the administration of the president of the United States. Congressman Brad Sherman, a well-known critic in this field, calls the password "to this day" in the field of economic development. Lee Reiners, head of policy at Spley's economic and financial core, declared that although FTX is a "bad apple", the overall password industry is "bad".

"the unique characteristics of passwords and passwords contributed to the rise of FTX, which led to the collapse of FTX in an instant," Linus said.

The hearings of the House working Group Committee have been held since December 2022, when the new US Congress for the first time discussed the problems related to the password industry and the collapse of FTX. Members of the House of Lords Committee on Financial institutions held their own hearing in February to discuss the impact of "password collapse".