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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.
Updated Nov 22, 2022, 8:26 p.m. Published Nov 18, 2022, 6:48 p.m.
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"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
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Crypto group counters Wall Street bankers with its own stablecoin principles for bill
After the bankers shared a document at the White House demanding a total ban on stablecoin yield, the crypto side answers that it needs some stablecoin rewards.
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- The U.S. Senate's crypto market structure bill has been waylaid by a dispute over something that's not related to market structure: yield on stablecoins.
- The Digital Chamber is offering a response to a position paper circulated earlier this week by bankers who oppose stablecoin yield.
- The crypto group's own principles documents argues that certain rewards are needed on stablecoin acvitity, but that the industry doesn't need to pursue products that directly threaten bank deposits business.
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