'It is a mess': GOP's Tommy Tuberville laments after seeing crypto investments go bust
Sen. Tommy Tuberville (R-AL) on Thursday expressed frustration at the state of the cryptocurrency market after he watched the implosion of the FTX exchange in what may have been a fraudulent Ponzi scheme.
While speaking at a Senate Agriculture, Nutrition and Forestry Committee meeting, Tuberville, a former college football coach, used a sports analogy to describe his feelings about recent developments in the crypto world.
"You kind of remind me of sitting in a chair after I got the heck beaten out of me in a football game and knowing the other team didn't go by the rules, and I had to explain why," he said. "There's really no other way around it: We screwed this up. You've got to have rules."
Tuberville then explained in personal terms how the crypto collapse had impacted him.
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"I've invested in crypto," he said. "I didn't get as deep as some of these people have gotten, but it is a mess and it's going to get worse if we don't get control of it."
Tuberville said he still believed in the promise of the technology behind cryptocurrencies, and he said it was important that the United States be at the leading edge of innovation in this sphere.
That said, he also noted that there was no way people would ever have confidence in cryptocurrency if investing in it could obliterate their life savings with no warning.
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