SBF Wanted To Keep SEC Out Of Crypto Regulation: FTX Hearing

The FTX Hearing involved interesting comments on how SBF conducted himself as a popular figure in the crypto industry and his intentions.
By Anvesh Reddy
Updated May 16, 2025
FTX Seeks Control Over Sam-Bankman Fried's $440M Robinhood Shares

FTX Hearing News: The Congressional hearing on the FTX crisis is turning out to be very interesting with the comments from CEO John J. Ray III. As Sam Bankman-Fried continues to be in police custody in the Bahamas, CEO John Ray testified before the committee on Tuesday. In a latest, the Congress representatives said SBF wanted to keep the US Securities and Exchanges Commission (SEC) away from the crypto industry. Meanwhile, the crypto market reacted positively to the news of SBF arrest on Tuesday.

In the last 24 hours, Bitcoin (BTC) and Ethereum (ETH) prices rose by 5% and 6% respectively, in the last 24 hours, according to price tracking platform CoinMarketCap. As of writing, BTC price stands at $17,757, while that of ETH stands at $1,327.

Also Read: XRP News: Whales Move 442 Million XRP; Court Grants Deadline Motion

Advertisement
Advertisement

“SEC Out Of Crypto”

During the hearing, Congress Representative Brad Sherman began his statement with the mention of “inmate 14372” referring to SBF. He said the popular crypto personality had actually one intention, which was to prevent the SEC from regulating crypto industry. The hearing comes at a time when another major crypto exchange Binance is facing criticism for its financial reserves policy.

“Now Sam Bankman-Fried, or should I say inmate 14372, had one purpose in all of his efforts here in Congress. He’s a well-known figure, only one wearing shorts. His one purpose was to keep the SEC out of crypto.”

Earlier, CEO John Ray spoke about the irregularities in recordkeeping at FTX. He said there was literally no recordkeeping at FTX whatsoever. The CEO added that in terms of governance, there was no distinction between FTX and Alameda Research. Also, FTX is conducting the bankruptcy operations in an unprecedented way in paperless mode, he said. It was also revealed that FTX had lost over $7 billion in value.

Also Read: Where Is BNB Coin Price Headed To Amid Binance FUD And Withdrawals?

Advertisement
Anvesh Reddy
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.