Hello there.

And welcome to meet the press.

Now I'm Chuck Todd.

So right now in Capitol Hill, the Senate just voted to approve the White House-backed measure to avert a potential rail strike next week.

This bill comes amid some maneuvering and drama.

Some senators push for some last-minute changes, feeling uncomfortable that they were going against some labor unions.

The president warned, though, of a potential economic calamity that a strike might cause, which is why these lawmakers have overlooked some of their

close ties to labor and are voting for this. We'll have much more on this vote and the fallout

in a few minutes. But I'm going to begin with another story that emanates from Capitol Hill

today in its Congress's first in-depth look at the spectacular collapse of one of the world's largest

crypto companies, FTX, as we begin to learn more about how far reaching the crypto exchange's

impact and influence really was on Wall Street, Main Street, and K Street here in Washington, D.C.

For the first time since its collapse last month, Senators held a

hearing on the issue, little grandstanding, of course, but they were grilling one of the finance

world's top regulators, the chief of the Commodity Futures Trading Commission, about what

happened and why it happened. In his testimony, the commissioner, Benham, painted the crypto market overall as an unregulated Wild West.

He called it a potential threat to national security and warned that we don't have the proper safeguards in place, meaning what happened FTCS could happen again to a company similar to it.

Invariably, the questions we are all obligated to answer as regulators are,

how did you let this happen, and how will you prevent this from happening again? In the pivotal

moment we find ourselves in, the answer to both questions is comprehensive market regulation.

At the CFTC, we lack the authority to comprehensively regulate the digital commodity market

and to

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