SBF To Testify At Hearing On FTX Collapse This December

SBF To Testify At Hearing On FTX Collapse This December

Former FTX CEO Sam Bankman-Fried as well as other executives are expected to testify at Capitol Hill in December following the collapse and bankruptcy of the crypto exchange FTX.

Call For Executives

Multiple house lawmakers have ordered for FTX executives, including their former CEO Sam Bankman-Fried (SBF) as well as executives from multiple other crypto exchanges like Binance and Bankman-Fried’s hedge fund, Alameda Research to testify at a December hearing.

The fall of FTX has posed tremendous harm to over one million users, many of whom were everyday people who invested their hard-earned savings into the FTX cryptocurrency exchange, only to watch it all disappear within a matter of seconds,” Committee Chairwoman Maxine Waters said in a statement.

“Unfortunately, this event is just one out of many examples of cryptocurrency platforms that have collapsed just this past year.”

Related: Genesis Trading Bankruptcy Impacts Could Be Worse Than FTX Collapse

We must get to the bottom of this for FTX’s customers and the American people. It’s essential that we hold bad actors accountable so responsible players can harness technology to build a more inclusive financial system.” ranking member Rep. Patrick McHenry said.

What This Could Mean For Crypto

Depending on the outlook of this hearing, this could have very massive effects on the future of the crypto industry within the United States.

The fall of FTX has already created a big effect on the industry within this past month, with White House officials as well as President Biden himself having made calls to create better and stronger crypto regulations to avoid more situations like this.

Related: Gemini Says They Working with Genesis and DCG to Find The Best Solution for Gemini Earn 

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