A House committee announced a hearing to investigate the collapse of the crypto exchange FTX that will feature the company’s beleaguered founder, Sam Bankman-Fried.
The House Financial Services Committee announced that it would hold a hearing in December to probe the cryptocurrency company’s descent into bankruptcy. The committee expects to hear from the companies and people involved, including Bankman-Fried, Alameda Research, Binance, FTX, and others.
“Oversight is one of Congress’ most critical functions and we must get to the bottom of this for FTX’s customers and the American people,” said ranking member Patrick McHenry . “It’s essential that we hold bad actors accountable so responsible players can harness technology to build a more inclusive financial system.”
This week, an Oklahoma resident filed a class-action lawsuit against Bankman-Fried and several celebrities, such as Tom Brady, who were involved in promoting the FTX platform and taking advantage of what the lawsuit called “unsophisticated investors.”
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