Regulation

US Senate committee schedules FTX hearing for Dec. 1, CFTC head to testify

The US Senate Agriculture Committee has introduced that Commodity Futures Buying and selling Fee, or CFTC, chair Rostin Behnam can be one of many witnesses in a listening to exploring the collapse of crypto change FTX.

In keeping with the Senate Agriculture Committee web site, on Dec. 1 the total committee will hearken to testimony from Behnam and presumably different people with details about the liquidity points and subsequent downfall of FTX. The listening to, titled ‘Why Congress Must Act: Classes Realized from the FTX Collapse’ can be one of many first by which U.S. lawmakers discover what occurred with the foremost crypto change and former CEO Sam Bankman-Fried.

The U.S. Home Monetary Companies Committee stated on Nov. 16 will probably be holding an analogous listening to “into the collapse of FTX and the broader penalties for the digital asset ecosystem” in December, however the occasion didn’t seem within the committee’s calendar on the time of publication. The committee stated it anticipated to listen to from Bankman-Fried, Alameda Analysis, and Binance, however didn’t particularly point out testimony from federal regulators like these on the Securities and Trade Fee or CFTC.

Lawmakers on each side of the aisle in each chambers of Congress in addition to the White Home have hinted on the want for regulatory readability or extra rules within the wake of FTX’s collapse. On Nov. 10, White Home Press Secretary Karine Jean-Pierre recommended that “prudent regulation of cryptocurrencies is certainly wanted” in response to crypto companies with out correct oversight.

Associated: FTX management pressed for data by US subcommittee chairman

Since submitting for chapter and resigning as FTX’s CEO on Nov. 11, Bankman-Fried has grow to be the goal of worldwide regulators investigating the change, together with Turkey’s Monetary Crimes Investigation Company, authorities within the Bahamas, and U.S. state and federal businesses. Reportedly nonetheless primarily based within the Bahamas, Bankman-Fried could also be extradited to the U.S. for questioning — it’s unclear whether or not he can be accessible to talk earlier than both the Home or Senate committee hearings.

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