US House Committee to Investigate and Hold Bipartisan Hearing on FTX Collapse
The U.S. House Financial Services Committee is planning to investigate the FTX collapse, according to a joint press release published by the committee’s chair Maxine Waters and representative Patrick McHenry. Furthermore, a congressional hearing is scheduled to take place in December, according to the joint statement. Bipartisan Congressional Hearing to Be Held in December Over the FTX Fallout
On Wednesday, Nov. 16, 2022, congresswoman Maxine Waters (D-CA) and representative Patrick McHenry (R-N.C.), published a joint statement that says a bipartisan hearing has been announced that will investigate the “collapse of FTX and the broader consequences for the digital asset ecosystem.”
The U.S. House Financial Services Committee “expects to hear from the companies and individuals involved, including Sam Bankman-Fried, Alameda Research, Binance, FTX, and related entities, among others,” the joint statement from Waters and McHenry details.
“The fall of FTX has posed tremendous harm to over one million users, many of whom were everyday people who invested their hard-earned savings into the FTX cryptocurrency exchange, only to watch it all disappear within a matter of seconds,” congresswoman Waters said in a statement. The California-based Democrat added: Unfortunately, this event is just one out of many examples of cryptocurrency platforms that have collapsed just this past year. That’s why it is with great urgency that I, along with my colleague Ranking Member McHenry, announce the Committee’s intention to hold a hearing to investigate the collapse of FTX.
Waters also led the charge in investigating and reporting on the meme stock and Gamestop market event last year. In regard to the FTX collapse, the Republican representative McHenry stressed that the House Financial Services Committee plans to get to the bottom of the FTX fiasco.
“Oversight is one of Congress’ 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,” McHenry added.
FTX filed for bankruptcy protection on Nov. 11, 2022, after it was once a firm that had a $32 billion valuation. Furthermore, after the filing was registered, the same daynearly $500 million in crypto tokens were suspected to be stolen from FTX wallets. Tags in this story Alameda Research, bankruptcy protection, Binance, Bipartisan Hearing, Chairwoman Waters, Congresswoman, ftx, FTX Bankruptcy, FTX collapse, FTX wallets, Maxine Waters, Sam Bankman-Fried, US House Committee, US House Financial Services Committee
What do you think about the House Financial Services Committee investigating the collapse of the now-bankrupt FTX? Let us know what you think about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Terra’s $2.8B Defense System — Luna Foundation Guard Audit Says Group Spent More Than 80,000 Bitcoin Defending UST Peg NEWS | 2 hours ago Terraform Labs Co-Founder Daniel Shin"s Firm Chai Reportedly Raided by Seoul Prosecutors NEWS | 5 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleTerraform Labs Co-Founder Daniel Shin’s Firm Chai Reportedly Raided by Seoul Prosecutors Next articleTerra’s $2.8B Defense System — Luna Foundation Guard Audit Says Group Spent More Than 80,000 Bitcoin Defending UST Peg Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItNFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales
Non-fungible token (NFT) sales saw a small uptick over the last week as $658.4 million in NFT sales were recorded, up 3.35% in seven days. Out of 15 blockchains, Polygon-based NFT sales saw the largest increase in volume, jumping 106.68% ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing