The U.S. Home Monetary Providers Committee is planning to analyze the FTX collapse, based on a joint press launch printed by the committee’s chair Maxine Waters and consultant Patrick McHenry. Moreover, a congressional listening to is scheduled to happen in December, based on 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.), printed a joint assertion 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 great hurt to over a million customers, lots of whom had 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 an announcement. 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 burdened that the Home Monetary Providers Committee plans to unravel the FTX fiasco.
“Oversight is one in every of Congress’ most crucial features and we should unravel this for FTX’s prospects and the American folks,” McHenry mentioned. “It’s important that we maintain unhealthy actors accountable so accountable gamers can harness expertise 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 practically $500 million in crypto tokens had been suspected to be stolen from FTX wallets.
What do you consider the Home Monetary Providers Committee investigating the collapse of the now-bankrupt FTX? Tell us what you consider this topic in the feedback part beneath.
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