The U.S. Home Monetary Providers Committee is planning to analyze the FTX collapse, in keeping with a joint press launch revealed by the committee’s chair Maxine Waters and consultant Patrick McHenry. Moreover, a congressional listening to is scheduled to happen in December, in keeping with the joint assertion.
Bipartisan Congressional Listening to to Be Held in December Over the FTX Fallout
On Wednesday, Nov. 16, 2022, congresswoman Maxine Waters (D-CA) and consultant Patrick McHenry (R-N.C.), revealed a joint statement that claims a bipartisan listening to has been introduced that may examine the “collapse of FTX and the broader penalties for the digital asset ecosystem.”
The U.S. Home Monetary Providers Committee “expects to listen to from the businesses and people concerned, together with Sam Bankman-Fried, Alameda Analysis, Binance, FTX, and associated entities, amongst others,” the joint assertion from Waters and McHenry particulars.
“The autumn of FTX has posed large hurt to over a million customers, lots of whom have been on a regular basis individuals who invested their hard-earned financial savings into the FTX cryptocurrency change, solely to observe all of it disappear inside a matter of seconds,” congresswoman Waters mentioned in a press release. The California-based Democrat added:
Sadly, this occasion is only one out of many examples of cryptocurrency platforms which have collapsed simply this previous 12 months. That’s why it’s with nice urgency that I, together with my colleague Rating Member McHenry, announce the Committee’s intention to carry a listening to to analyze the collapse of FTX.
Waters additionally led the cost in investigating and reporting on the meme inventory and Gamestop market occasion final 12 months. In regard to the FTX collapse, the Republican consultant McHenry confused that the Home Monetary Providers Committee plans to unravel the FTX fiasco.
“Oversight is considered one of Congress’ most important features and we should unravel this for FTX’s clients and the American folks,” McHenry mentioned. “It’s important that we maintain unhealthy actors accountable so accountable gamers can harness know-how to construct a extra inclusive monetary system,” McHenry added.
FTX filed for chapter safety on Nov. 11, 2022, after it was as soon as a agency that had a $32 billion valuation. Moreover, after the submitting was registered, the identical day nearly $500 million in crypto tokens have been suspected to be stolen from FTX wallets.
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