“Why Congress Needs to Act:One of the first books in which lawmakers in the United States look into what happened to the exchange is titled “Lessons Learned from the FTX Collapse.”
Rostin Behnam, chair of the Commodity Futures Trading Commission, or CFTC, will be one of the witnesses in a hearing examining the collapse of crypto exchange FTX, according to the United States Senate Agriculture Committee.
On December 1, the full Senate Agriculture Committee will hear testimony from Behnam and possibly other individuals who have information regarding the liquidity issues and subsequent demise of FTX, according to the website.The hearing, titled “Why Congress Must Act,” was held inIllustrations Gained from the FTX Breakdown’ will be one of the principal in which U.S. legislators investigate what occurred with the major crypto trade and previous Chief Sam Bankman-Seared.
The House Financial Services Committee of the United States announced on November 16 that it will hold a similar hearing in December “into the collapse of FTX and the broader consequences for the digital asset ecosystem.”
However, the date of the hearing did not appear on the committee’s calendar when this article was published.Although the committee stated that it anticipated hearing from Alameda Research, Binance, and Bankman-Fried, it did not specifically mention testimony from federal regulators like the Securities and Exchange Commission or CFTC.
In the wake of FTX’s collapse, lawmakers on both sides of the aisle in both chambers of Congress and the White House have hinted at the requirement for regulatory clarity or additional regulations.In response to crypto firms lacking proper oversight, White House Press Secretary Karine Jean-Pierre suggested on November 10 that “prudent regulation of cryptocurrencies is indeed needed.”
Related:US subcommittee chairman presses FTX leadership for information since Bankman-Fried resigned as CEO and filed for bankruptcy on November 11. Since then, global regulators have been looking into the exchange, including the Financial Crimes Investigation Agency of Turkey, authorities in the Bahamas, and state and federal agencies in the United States.Bankman-Fried may be extradited to the United States for questioning, despite reports that he is still in the Bahamas. It is unknown if he will be available to speak at the House or Senate committee hearings.