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The U.S. House Financial Services Committee is set to hear testimony from FTX and Alameda Research as well as Binance and other witnesses.
Key TakeawaysThe U.S. House Financial Services Committee is holding a hearing about the collapse of FTX in Dec.
It will also seek testimony from Alameda Research and Binance, former FTX CEO Sam Bankman Fried, Binance, and FTX itself.
The FTX scam is the largest cryptocurrency-related fraud in history, with more than one million victims.
Share this articleLawmakers from the United States have announced a hearing regarding the collapse of FTX. FTX and its officers will soon be subject to an inquiry by the U.S. Congress. According to Reuters, the hearing will be held by the U.S. House Financial Services Committee in December. Representatives from FTX, Alameda Research and Binance will be called to testify at the hearing. Representative. Maxine Waters (D-CA), said that FTX’s failure caused “tremendous harm” to more than one million users. She also noted that investors “put their hard-earned savings into the exchange and watched their funds disappear “within a matterof seconds.”Rep. Patrick McHenry said that lawmakers will “hold bad actors accountable so that responsible players can harness technology for a more inclusive financial sector.” The collapse of FTX occurred last week following a bank ran on the exchange. After seeing the financial state of FTX, Binance, a competitor exchange, briefly floated a rescue plan. FTX suspended user withdrawals after it declared bankruptcy last Friday. At least two investigations are currently underway into Bankman-Fried’s exchange. On Sunday, the Bahamas police announced a criminal investigation into FTX. Third-party reports state that the U.S. SEC (DOJ), and the U.S. Department of Justice (DOJ), are currently investigating the company. Investors have filed a class action lawsuit against FTX’s celebrity endorsers. The suit names pro athletes Tom Brady, Stephen Curry, Naomi Osaka, Gisele Bundchen, entrepreneur Kevin O’Leary, comedian Larry David, and model Gisele Bundchen. Decentral Media, Inc. does not provide investment advice. We do not provide personalized investment advice or any other financial advice. This website’s information is subject to change at any time. The information on this website could become obsolete or incorrect. You may not be able to update any information that is outdated, incomplete or inaccurate. We also reserve the right to change any information that is incorrect, incomplete or outdated. If you need investment advice about an ICO, IEO or other investment, we strongly recommend that you consult a licensed financial advisor or other qualified financial professional. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.See full terms and conditions.Recommended News