WASHINGTON, Nov 16 (Reuters) – The U.S. House Financial Services Committee said on Wednesday it plans to hold a hearing in December to investigate the collapse of cryptocurrency exchange FTX.
The committee said it expects to hear from the companies and individuals involved, including FTX founder Sam Bankman-Fried, Alameda Research, Binance, FTX and related entities, among others.
“The fall of FTX has posed tremendous harm to over one million users, many of whom were everyday people who invested their hard-earned savings into the FTX cryptocurrency exchange, only to watch it all disappear within a matter of seconds,” Financial Services Committee Chair Maxine Waters said.
Separately, a spokesperson for Senate Banking Committee Chairman Sherrod Brown said on Wednesday the panel “is working to schedule a hearing and details are forthcoming.”
FTX filed for bankruptcy on Nov. 11, leaving an estimated 1 million customers and other investors facing total losses in the billions of dollars. The collapse reverberated across the crypto world and sent bitcoin and other digital assets plummeting.
U.S. Representative Patrick McHenry, the top Republican on the House Financial Services Committee, said, “we must get