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House Subcommittee Chair Calls for Documents as Part of FTX Collapse Probe
Rep. Raja Krishnamoorthi (D-Ill.) is chairman of the Subcommittee on Economic and Consumer Policy.
"FTX's customers, former employees and the public deserve answers," wrote U.S. Congressman Raja Krishnamoorthi in a Friday letter to former FTX CEO Samuel Bankman-Fried and current FTX CEO John J. Ray III.
Krishnamoorthi (D-Ill.) is chairman of the House Oversight and Reform Committee's Subcommittee on Economic and Consumer Policy.
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His subcommittee “is seeking detailed information on the significant liquidity issues faced by FTX, the company’s abrupt decision to declare bankruptcy and the potential impact of these actions on customers who used your exchange,” Krishnamoorthi said.
He also pressed FTX to comply with an Aug. 30 document request from his subcommittee.
Krishnamoorthi's action follows the House Financial Services Committee setting a hearing on FTX's collapse for next month. On the Senate side of Capitol Hill, Elizabeth Warren (D-Mass.) and Richard Durbin (D-Ill.) sent their own letter to FTX seeking answers about the crypto exchange's finances.
Krishnamoorthi’s subcommittee set a Dec. 1 deadline for FTX to send that requested information. With Republicans set to take control of the House in January, time is tight for any Democratic-led probe of FTX.
Read More: Top House Committee to Hold Hearing Into FTX Collapse
Elizabeth Napolitano
Elizabeth Napolitano was a data journalist at CoinDesk, where she reported on topics such as decentralized finance, centralized cryptocurrency exchanges, altcoins, and Web3. She has covered technology and business for NBC News and CBS News. In 2022, she received an ACP national award for breaking news reporting.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
