National Council: The cryptocurrency debacle does not threaten traditional finance



National councilThe cryptocurrency debacle does not threaten traditional finance

Switzerland is also impacted by the plunge in cryptocurrencies and the bankruptcy of the FTX group. But Ueli Maurer believes that there is no danger in delay.

Ueli Maurer for his last appearance at Question Time at the National Council

Ueli Maurer for his last appearance at Question Time at the National Council


On November 11, the American company FTX, among the most important cryptocurrency exchange platforms, announced its bankruptcy filing and the resignation of its founding boss, ex-billionaire Sam Bankman-Fried, 30. What was the shock wave in Switzerland? This is what the leader of the socialist group Roger Nordmann (PS / VD) wanted to know at Question Time on Monday.

The Vaudois noted that the activities of the FTX group were supported in particular by two limited companies based in Freienbach, in the canton of Schwyz. He asked Ueli Maurer if “measures have been adopted to safeguard the interests of creditors, including several Swiss, to prevent the company assets in Switzerland, estimated at around 40 million, from being misappropriated?”

Act at the cantonal level

For the Head of Finance, for whom this Monday was the last exercise of its kind before his retirement, such actions must be taken at the cantonal level: “All measures taken against the companies of the FTX group based in Switzerland are determined by the law Swiss bankruptcy and the law of civil procedure. The cantonal bankruptcy offices and the courts have jurisdiction in this area. Swiss criminal law applies to all criminal offenses in Switzerland, in particular bankruptcy offences. It is applied by the competent penal authorities, mainly cantonal”.

FINMA free to act

Roger Nordmann asked him if FINMA, the Financial Market Supervisory Authority, had been interested in a bank in the canton of Zug, which allegedly had millions of francs from the hedge fund Alameda Research belonging to the ousted boss of the FTX group. . Response from Ueli Maurer: “If a FINMA-licensed bank is affected by the bankruptcy of individual companies of the FTX Group, FINMA will take appropriate action if necessary. As an independent supervisory authority, FINMA can provide information publicly if necessary and compatible with official secrecy”.

Tenure links with the traditional sector

Finally, Roger Nordmann, faced with the scale of the losses in the cybercurrency debacle, wanted to know “what measures have been adopted or are envisaged in order to prevent harmful chain repercussions for companies and creditors in Switzerland?” For Ueli Maurer, there is no danger in delay: “Events in the crypto sector this year have shown that the bankruptcy of individual players in the crypto sector does not have a significant negative impact. on the financial stability of the traditional financial sector. The ties between the crypto sector and the traditional financial sector remain tenuous. This was confirmed by the analysis of the Financial Stability Board in February this year”.


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