US Senate committee sets FTX hearing date for December 1st, subpoenas CFTC chairman to testify

US Senate committee sets FTX hearing date for December 1st, subpoenas CFTC chairman to testify
US Senate committee sets FTX hearing date for December 1st, subpoenas CFTC chairman to testify

The US Senate Committee on Agriculture announced that Chairman of the Commodity Futures Trading Committee, or CFTC, Rustin Behnam will be one of the witnesses at a hearing exploring the collapse of cryptocurrency exchange FTX.

According to the Senate Agriculture Committee’s website, on December 1 the full committee will hear testimony from Behnam and from other individuals with information about liquidity issues and the subsequent collapse of FTX. The hearing, titled “Why Congress Must Act: Lessons Learned from the FTX Collapse,” will be one of the first hearings in which US lawmakers explore what happened with the major cryptocurrency exchange and its former CEO Sam Bankman Fried.

The US House of Representatives Financial Services Committee said on November 16 that it would hold a similar hearing “on the collapse of FTX and the broader consequences for the digital asset ecosystem” in December, but the event did not appear on the committee’s calendar at the time of publication. The committee has made it clear that it expects to hear from Banka Fried, Alameda Research and Binance, but did not specifically mention testimony from federal regulators such as those from the Securities and Exchange Commission or the CFTC.

Lawmakers from both chambers of Congress as well as the White House have also hinted at the need for regulatory clarity or additional regulations in the wake of the FTX collapse. On November 10, White House Press Secretary Karen Jean-Pierre suggested that “prudent regulation of cryptocurrencies is indeed necessary” in response to cryptocurrency firms without proper oversight.


The article is in Arabic

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