On Wednesday, Nov. 16, 2022, congresswoman Maxine Waters (D-CA) and representative Patrick McHenry (R-N.C.), published a joint statement that says a bipartisan hearing has been announced that will investigate the “collapse of FTX and the broader consequences for the digital asset ecosystem.”
The U.S. House Financial Services Committee “expects to hear from the companies and individuals involved, including Sam Bankman-Fried, Alameda Research, Binance, FTX, and related entities, among others,” the joint statement from Waters and McHenry details.
“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,” McHenry said. “It’s essential that we hold bad actors accountable so responsible players can harness technology to build a more inclusive financial system,” McHenry added.
FTX filed for bankruptcy protection on Nov. 11, 2022, after it was once a firm that had a $32 billion valuation. Furthermore, after the filing was registered, the same day nearly $500 million in crypto tokens were suspected to be stolen from FTX wallets.