Raja Krishnamoorthi, chairman of the House Oversight Committee’s Subcommittee on Economic and Consumer Policy, has requested FTX turn over documents and information as part of its investigation into the crypto exchange’s collapse, Bloomberg reported on Friday (Nov. 17).
“I am extremely troubled by recent news surrounding the collapse of FTX Trading Ltd. (FTX), including its affiliated entity FTX US, and the potentially significant harm that FTX’s bankruptcy will cause to American consumers and investors,” Krishnamoorthi wrote in a letter to former FTX CEO Sam Bankman-Fried and John J. Ray III, the new CEO and chief restructuring officer.
Krishnamoorthi is requesting detailed information on the liquidity crisis that led to the collapse of FTX and the decision to declare bankruptcy. He asked what the company plans to do to “ensure that every single dollar is returned to American consumers who placed their trust in your company.”
Read more: DOJ Investigates FTX Collapse: Report
The subcommittee asked that the requested information and documents be turned over by Dec. 1.
The House Financial Services Committee is also undertaking a bipartisan hearing on the matter which will begin in December.
That hearing will focus on the platform’s collapse and its broader consequences for the digital asset ecosystem, according to a Wednesday (Nov. 16) press release.
“The Committee expects to hear from the companies and individuals involved, including Sam Bankman-Fried, Alameda Research, Binance, FTX, and related entities, among others,” the release stated.
The hearing is being convened by the committee Chairwoman Maxine Waters (D-Calif.) and Ranking Member Patrick McHenry (R-N.C.).
Featured News
UK’s CMA Investigates Education Software Company for Market Abuse
May 14, 2024 by
CPI
Schumer Urges FTC Caution on Chevron’s $53B Hess Deal Over Gas Price Fears
May 14, 2024 by
CPI
Amazon Urges US Judge to Block FTC Probe into Data Preservation
May 14, 2024 by
CPI
Colorado Makes History: First State to Enact Comprehensive AI Legislation
May 14, 2024 by
CPI
Class Action Settlement Reached in Cheerleading Monopoly
May 14, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI