Bipartisan Committee To Hear From Sam Bankman-Fried And Crypto Allies Next Month

Bipartisan Committee To Hear From Sam Bankman-Fried And Crypto Allies Next Month


The House Financial Services Committee will host a hearing next month on Sam Bankman-Fried and his collapsed cryptocurrency companies, FTX and Alameda Research.

FTX filed for bankruptcy on Friday after users discovered that both firms, which are controlled by Bankman-Fried and his associates, were allegedly fraudulently intertwined, triggering a liquidity crisis as customers rushed to withdraw funds. A number of individual and institutional clients still have as much as $8 billion remaining in frozen accounts while Bankman-Fried asks investors to help compensate users.

House Financial Services Chairwoman Maxine Waters (D-CA) and Ranking Member Patrick McHenry (R-NC) announced that the bipartisan hearing will involve the testimonies of Bankman-Fried and those involved in related entities, including competitor Binance, which nearly purchased FTX. “Oversight is one of Congress’ most critical

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