Hearing on
Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers
Before the U.S. Senate Committee on Banking, Housing, and Urban Affairs
Wednesday, December 14, 2022
Prepared Statement
Hilary J. Allen
Professor of Law
American University Washington College of Law
Chairman Brown, Ranking Member Toomey, and Members of the Committee:
Thank you for inviting me to testify at today’s hearing. My name is Hilary Allen, and I am a Professor of Law at the American University Washington College of Law. I teach courses in corporate law and financial regulation, and my research focuses on financial stability regulation. I have authored several articles for law reviews and the popular press about fintech and financial stability, and I have also written a book, Driverless Finance: Fintech’s Impact on Financial Stability, that explores the threats that crypto and other fintech innovations pose to our financial system. Prior to entering academia, I spent seven years working in the financial services groups of prominent law firms in London, Sydney, and New York. In 2010, I worked with the Financial Crisis Inquiry Commission, which was appointed by Congress to study the causes of the financial crisis of 2007-2008.
I note that on May 25, 2022, I participated as an invited commenter at the CFTC’s roundtable on FTX’s proposal to automate clearing of margined trades for retail customers. I also co-authored a comment letter opposing that proposal. I have had no other interactions with FTX or any related entities. I am not testifying on behalf of the Washington College of Law or any other institution; the views expressed here are entirely my own.
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