SEC’s FTX Probe Timing Questioned by House Committee

  • Republicans on the House Financial Services Committee demanded all SEC FTX probe records.
  • Chairman McHenry explained his opinion to the SEC Chair in a letter.

Republicans in the U.S. House Committee on Financial Services requested from the SEC all records and papers pertaining to the FTX investigation.

In a recent development regarding the US SEC’s investigation into the FTX collapse, Republicans on the US House Committee on Financial Services expressed grave reservations about the manner in which the situation was handled. The committee chairman Patrick McHenry requested all records and conversations from the SEC regarding the continuing inquiry, which may be seen as a major criticism of Gary Gensler’s organisation. The chairman remarked, “The American people transparency from you and your agency.” The records were requested to be submitted in two weeks by the head of the House committee.

Timing of FTX Probe

In a letter to the SEC Chair, Chairman McHenry stated that this opinion was based on the timing of the accusations and Sam Bankman-detention. The letter also mentioned that, in accordance with US law, the financial services committee has the authority to monitor the SEC’s operations. As a result, the SEC was asked to turn over any documents and correspondence pertaining to the accusations against FTX co-founder Sam Bankman-Fried since November 2022, when FTX’s liquidity problems were discovered. Also sought were communications from Gensler’s office during that time period.

His arrest and the timing of the accusations cast considerable doubt on the SEC’s procedures and cooperation with the Department of Justice.

A day before the Committee’s hearing on the FTX collapse, on December 12, 2022, the Bahamas authorities detained Bankman-Fried. The SEC had issued accusations against the co-founder of FTX on the same day, citing “concealing his theft of FTX customer monies.” The committee is worried about the timing of the SEC’s accusations, which came after the arrest.

Bookmark (0)
ClosePlease loginn

Related Posts

A sincere thank you to our valuable sponsors: CoinDesk, Nexo and 1inch

A sincere thank you to our valuable sponsors: CoinDesk, Nexo and 1inch

Discover the cutting-edge services of CoinDesk and Nexo, the leading names in crypto and blockchain, and unlock the full potential of your digital assets.

Bookmark (0)
ClosePlease loginn
U.S. government sold over 9k BTC for $215.7M on March 14

U.S. government sold over 9k BTC for $215.7M on March 14

The US government said it plans to liquidate over 40,000 Bitcoin in four batches during this calendar year.

Bookmark (0)
ClosePlease loginn
Justin Sun’s Grenada ambassadorship to WTO ends

Justin Sun’s Grenada ambassadorship to WTO ends

Grenada’s local media reported that Justin Sun had been recalled after the political party that appointed him lost elections in June 2022.

Bookmark (0)
ClosePlease loginn
More than 50% of Bitcoin mining uses renewable energy

More than 50% of Bitcoin mining uses renewable energy

Almost a quarter of all Bitcoin miners use water to power their setups, while wind and nuclear are the second and third biggest contributors.

Bookmark (0)
ClosePlease loginn
Bittrex to halt US operations by end of April

Bittrex to halt US operations by end of April

The cryptocurrency exchange will only serve global customers going forward.

Bookmark (0)
ClosePlease loginn
Binance.US transitioning to new bank providers; briefly affecting deposits, withdrawals

Binance.US transitioning to new bank providers; briefly affecting deposits, withdrawals

Many transfer methods, including Signature ACH transfers, are affected.

Bookmark (0)
ClosePlease loginn

Leave a Reply

Your email address will not be published. Required fields are marked *