House to probe collapse of crypto platform FTX and “expects” founder to testify
The scheduled hearing comes as Treasury Secretary Janet Yellen warned separately that the “recent failure of a major cryptocurrency exchange” should prompt the U.S. government to conduct “more effective oversight,” with Congress and the Biden administration working to “fill the regulatory gaps.”
In response, the top banking-focused panel in the House said Wednesday it “expects” to hear directly from Bankman-Fried, part of an inquiry that would likely expand as they consider the need for a legislative response. “Oversight is one of Congress’s most critical functions and we must get to the bottom of this for FTX’s customers and the American people,” McHenry said. “It’s essential that we hold bad actors accountable so responsible players can harness technology to build a more inclusive financial system.”Sam Bankman-Fried charmed Washington. Then his crypto empire imploded.
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