FTX and its officers will soon face an inquiry from the U.S. Congress.
According to Reuters, the U.S. House Financial Services Committee will hold the hearing in December. The hearing will seek testimony from representatives of FTX, Alameda Research, and Binance, among others. Sam Bankman-Fried, FTX’s founder and former CEO, is also expected to testify.
Rep. Maxine Waters (D-CA) said that FTX’s failure posed “tremendous harm to over one million users, many of whom were everyday people.” She noted that those investors “put their hard-earned savings” into the exchange and watched as their funds vanished “within a matter of seconds.”
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