On December 7 Sens. Elizabeth Warren (D-MA) and Tina Smith (D-MN) sent letters

 to the heads of the Federal Reserve, FDIC, and OCC urging them to investigate U.S. financial institutions’ ties to the crypto industry. Their letters say, “While the banking system has so far [been] relatively unscathed by the latest crypto crash, FTX’s collapse shows that crypto may be more integrated into the banking system than regulators are aware…FTX’s collapse revealed close ties between banks and shady crypto firms…Banking regulators need to make sure that the highly volatile and risky crypto market won’t jeopardize the banking system and potentially harm millions of Americans.”