FTX’s Collapse to Be Considered in the US Senate: Here are the Details!

U.S. Senate Agriculture Committee, cryptocurrency exchange scheduled a session on FTX’s recent big crash.

CFTC Chairman Rostin Behnam Will Also Attend the Session on the Fall of FTX

Its headline is “Why Does Congress Need to Take Action? The session, “Lessons from the FTX Crash”, will take place on December 1 and will feature testimony from Rostin Behnam, Chairman of the Commodity Futures Trading Commission.

The panel is set for a hearing on December 1, but it is unclear which company officials will be on the final witness list. Behnam was the first witness to be posted online.

The leaders of the committee, Debbie Stabenow and John Boozman, mainly bitcoin They worked on legislation that would establish a CFTC-based regulatory regime for digital commodities, including

Behnam actively supported the bill, testifying before the committee in September, while Stabenow and Boozman pledged to push forward the legislation. The bill drew criticism from members of the decentralized financial community and was supported by former FTX CEO Sam Bankman-Fried.

The CFTC chairman seriously considered FTX’s proposal for the direct exchange of crypto derivatives, and even hosted a roundtable meeting attended by former FTX CEO Sam Bankman-Fried.

Last week, the House of Representatives Financial Services Committee became the first to announce that it will hold a hearing on the major stock market crash that has resonated in the industry. The Senate Banking Committee is also considering a possible hearing on the matter.

*Not investment advice.