FTX Chats: SBF To Testify In Front Of GOP House?

FTX Crash News: The digital asset market collapse triggered by the debacle of FTX, the crypto exchange has reached the U.S. House of Representatives. Reports suggest that the group of representatives is planning to launch a hearing of Sam Bankman-Fried (SBF) over the FTX crash.

US Rep to look into FTX crash

Charles Gasparino, a Fox Business Journalist reported that a GOP house is looking for a hearing into SBF created debacle. The hearing will focus on the SBF meeting with the SEC chair, Gary Gensler to create a crypto exchange.

He added that Representatives will also inquire if SBF was given preference because of his ties to the Democratic party. However, Why the commission didn’t see the FTX implosion coming will be the major question.

Earlier, Coingape reported that FTX’s former CEO has been alleged of deeply funding lobbying in Washington DC over the past year. The SEC might come to rescue SBF from this mess.

CFTC to come under scrutiny

Gasparino added that Commodity Futures Trading Commission (CFTC) is likely to land under the scrutiny amid FTX crash. It is alleged that SBF hired several former CFTC officials to handle some key roles in the company. However, he also pushed the CFTC to become the key regulator of digital assets in place of the SEC.

Representative Bill Huizenga in a Tweet mentioned that he is glad that both Republicans and Democrats are working together to hold a hearing of the FTX crash and SBF.

The Fox Journalist reported that major financial players are worried about their reputational risk after the FTX crash. He highlights that SBF used his extensive sources of financial players to introduce him to major wealth investors.

On the market side, FTX token (FTT) prices have dropped by 93% over the past 30 days. It is trading at an average price of $1.65, at the press time.

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Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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