Senate Banking Committee Chairman Sherrod Brown said the FTX collapse should serve as a wake-up call for Congress to address the risks posed by the largely unregulated cryptocurrency industry. He and his colleagues are “working every day” on new regulations and working with federal agencies to “combat cryptocurrencies.”

“It’s not like we’re going to snap our fingers and get a cryptocurrency bill through the Senate and the House,” Brown said on CNN’s State of the Union on Sunday. “Half of the Senate, the Republicans and a minority of the Democrats, still believe that cryptocurrency is legitimate and that it’s something that should be an important part of our economy.”