US Senators Warren and Durbin demand answers from Bankman-Fried and his successor at FTX
Two crypto-hostile Democratic senators sent a letter to executives with a list of detailed and probing questions about Bankman-Fried's behavior and his stuff.
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US Senators Elizabeth Warren and Richard Durbin wrote to former and current FTX CEOs – Sam Bankman-Fried and John Jay Ray III, respectively – on Nov. 16 asking for more information about the collapse of the cryptocurrency exchange. They made 13 requests for documents, lists and responses.
"The public is required to provide full and transparent accountability for the business practices and financial activities that preceded and followed FTX's collapse," the lawmakers wrote. They provided a summary of major media coverage of ongoing events and pieced together a timeline from media sources. Noting "the apparent lack of due diligence on the part of venture capital and other large investment funds keen to get rich from crypto" among the issues they identified, they wrote:
"These developments vindicate our longstanding concerns that the crypto industry is "designed to favor scammers" and "designed to reward insiders and defraud family investors".
Warren and Durbin are demanding that a mass of documents be provided by November 28. They want "complete copies of all balance sheets of FTX and FTX subsidiaries, from 2019 to present".
Furthermore, they demand an explanation of business decisions made by Bankman-Fried and statements he made on Twitter. They probe the relationship between FTX and Alameda Research and ask for a variety of financial accounts.
Related: Senator Warren Proposes Reducing Wall Street Involvement in Crypto
Warren and Durbin have already teamed up on encryption policy,
Two crypto-hostile Democratic senators sent a letter to executives with a list of detailed and probing questions about Bankman-Fried's behavior and his stuff.
New
US Senators Elizabeth Warren and Richard Durbin wrote to former and current FTX CEOs – Sam Bankman-Fried and John Jay Ray III, respectively – on Nov. 16 asking for more information about the collapse of the cryptocurrency exchange. They made 13 requests for documents, lists and responses.
"The public is required to provide full and transparent accountability for the business practices and financial activities that preceded and followed FTX's collapse," the lawmakers wrote. They provided a summary of major media coverage of ongoing events and pieced together a timeline from media sources. Noting "the apparent lack of due diligence on the part of venture capital and other large investment funds keen to get rich from crypto" among the issues they identified, they wrote:
"These developments vindicate our longstanding concerns that the crypto industry is "designed to favor scammers" and "designed to reward insiders and defraud family investors".
Warren and Durbin are demanding that a mass of documents be provided by November 28. They want "complete copies of all balance sheets of FTX and FTX subsidiaries, from 2019 to present".
Furthermore, they demand an explanation of business decisions made by Bankman-Fried and statements he made on Twitter. They probe the relationship between FTX and Alameda Research and ask for a variety of financial accounts.
Related: Senator Warren Proposes Reducing Wall Street Involvement in Crypto
Warren and Durbin have already teamed up on encryption policy,
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