US Senate committee sets Dec. 1 hearing on FTX. CFTC head will testify

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The hearing, titled “Why Congress Needs To Act: Lessons Learned From the FTX Collapse”, will be the first U.S. legislative inquiry into the matter. News The United States Senate Agriculture Committee announced that Rostin Behnam, the chair of the Commodity Futures Trading Commission (or CFTC), will be one witness in a hearing about the collapse of crypto exchange FTX. According to the Senate Agriculture Committee website on Dec. 1, the entire committee will hear testimony from Behnam, and possibly other witnesses, regarding the liquidity issues and subsequent collapse of FTX. The hearing, titled “Why Congress Needs To Act: Lessons Learned From the FTX Collapse”, will take place on December 1. According to the Senate Agriculture Committee website, the full committee will hear testimony from Rostin Behnam and possibly other witnesses about the liquidity issues and subsequent collapse of FTX.
The U.S. House Financial Services Committee announced on Nov. 16 that it would hold a similar hearing in December “into the collapse FTX” but the event was not listed in the committee’s calendar as of publication. The committee stated that it expected to hear from Bankman-Fried and Alameda Research but did not mention testimony from federal regulators such as those at the Securities and Exchange Commission (CFTC). Lawmakers from both the White House and Congress have suggested the need for additional regulations or regulatory clarity in the wake FTX’s collapse. Karine Jean-Pierre, White House Press Secretary, suggested that prudent regulation of cryptocurrency is needed in response to the lack of oversight by crypto firms. Related: FTX leadership presses for information by US subcommittee chairman. Since filing for bankruptcy on Nov. 11, Bankman-Fried became the target of global regulators. This includes the Turkish Financial Crimes Investigation Agency, authorities from the Bahamas, as well as U.S. state agencies and federal agencies. Bankman-Fried, who is reported to still be based in the Bahamas and may be extradited into the United States to be questioned — it’s not clear if he will be available for the House or Senate hearings.