The US Senate Agriculture Committee has introduced that Commodity Futures Buying and selling Fee, or CFTC, chair Rostin Behnam will likely be one of many witnesses in a listening to exploring the collapse of crypto change FTX.
In accordance 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,” will likely be one of many first during which U.S. lawmakers explore what occurred with the main crypto change and former CEO Sam Bankman-Fried.
Information: On December 1 @SenateAgDems + @SenateAgGOP will maintain a listening to concerning the FTX collapse and the necessity for congressional motion.
— Senate Ag, Vitamin, & Forestry Committee Dems (@SenateAgDems) November 21, 2022
The U.S. Home Monetary Providers Committee stated on Nov. 16 that it is going to be holding an identical 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 writing. 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 (SEC) or CFTC.
Lawmakers on either 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 laws within the wake of FTX’s collapse. On Nov. 10, White Home Press Secretary Karine Jean-Pierre steered that “prudent regulation of cryptocurrencies is certainly wanted” in response to crypto corporations 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 change into the goal of world regulators investigating the change, together with Turkey’s Monetary Crimes Investigation Company, authorities within the Bahamas and U.S. state and federal companies. Reportedly nonetheless based mostly within the Bahamas, Bankman-Fried could also be extradited to the U.S. for questioning — it’s unclear whether or not he will likely be out there to talk earlier than both the Home or Senate committee hearings.