Lawmakers are demanding that Sam Bankman-Fried, the founder of failed crypto exchange FTX, appear before the Senate Banking Committee next week over 'significant unanswered questions.'
Lawmakers are demanding that Sam Bankman-Fried, the founder of the failed crypto exchange FTX, appear before the Senate Banking Committee next week over “significant unanswered questions ” surrounding the collapse of his companies. In a letter to Bankman-Fried and his lawyer, the committee’s Democratic chairman, Sen. Sherrod Brown of Ohio, and Republican Sen.
Elizabeth Warren of Massachusetts and Tina Smith of Minnesota, both Democrats, sent letters to three regulators – the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency – asking them to assess the traditional banking system’s exposure to turmoil in the crypto space, a largely unregulated, parallel financial system. “Crypto firms may have closer ties to the banking system than previously understood,” Warren and Smith wrote.
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