US Senate committee plans FTX hearing for Dec. 1, CFTC chief to testify

The hearing, titled "Why Congress Must Act: Lessons from the FTX Collapse", will be one of the first in during which US lawmakers explore what happened with the exchange.

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The United States Senate Agriculture Committee has announced that Commodity Futures Trading Commission, or CFTC, Chairman Rostin Behnam will be one of the witnesses in a hearing exploring the collapse of the FTX crypto exchange.

According to the Senate Agriculture Committee website, on December 1, the Committee of the Whole will hear testimony from Behnam and presumably others with information about liquidity issues and the subsequent fall of FTX. The hearing, titled "Why Congress Needs to Act: Lessons Learned from the FTX Collapse," will be one of the first in which U.S. lawmakers will explore what happened with the major crypto exchange and former CEO Sam Bankman-Fried.

News: On December 1, @SenateAgDems + @SenateAgGOP will host a hearing on the collapse of the FTX and the need for congressional action.

— Senate Agriculture, Nutrition and Forestry Committee Dems (@SenateAgDems) November 21, 2022

The U.S. House Financial Services Committee said Nov. 16 that it would hold a similar hearing “on the collapse of FTX and the broader implications for the digital asset ecosystem” in December, but the event was not on the committee's schedule. at the time of publication. The committee said it expected to hear from Bankman-Fried, Alameda Research, and Binance, but did not specifically mention testimony from federal regulators like the Securities and Exchange Commission or the CFTC. /p>

Legislators on both sides of the...