FTX-Binance standoff highlights the need for clear rules, says Sen. Lummis

The feud between the CEOs of crypto exchanges FTX and Binance —

As a result of the FTX-Binance fiasco, SBF’s personal wealth plummet 94% and ripping off his billionaire status overnight.

Before Binance’s takeover announcement, Bankman-Fried’s 53% stake in FTX was worth around $6.2 billion.