US House Committee to Hold Hearing on FTX Collapse and Crypto Drop

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The House Financial Services Committee will hold a hearing next month on the collapse of FTX and the broader implications for the digital asset industry. From a report: The committee says it expects to hear from “companies and individuals involved, businesses and individuals involved, including Sam Bankman-Fried, Alameda Research, Binance, FTX and related entities, among others,” for a hearing to be held in December. . “Oversight is one of the most critical functions of Congress and we need to get to the bottom of it for FTX customers and the American people,” said Rep. Patrick McHenry, RN.C., the top Republican committee , in a press release. “It’s critical that we hold bad actors accountable so that responsible actors can harness technology to build a more inclusive financial system.” Rep. Maxine Waters, D-Calif., current but likely outgoing chair of the House Financial Services Committee, added, “The fall of FTX has caused significant harm to more than one million users, many of whom were regular people who invested their hard-earned savings in the FTX cryptocurrency exchange, only to see it all disappear in seconds.Unfortunately, this event is just one of many examples of flat -forms of cryptocurrency that collapsed in the last year.”

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Raymond I. Langston