U.S. House Committee to Hold Hearing on FTX Collapse

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FTX drama continues. On Wednesday, November 16, the U.S. House Financial Services Committee made a significant decision that will change the course of the investigation. They announced they would hold a hearing next December to discuss the collapse of FTX. They will also evaluate the implications of the FTX crash on the crypto market. 

According to the official statement, the Committee plans to summon "companies and individuals involved." They will take notes of the testimonies and discuss the information gathered during the hearing.

Although there is no official call yet, everyone expects Sam Bankman-Fried, founder of FTX, to be summoned. The Committee may also call representatives from Alameda Research, Binance, and other related entities.

According to Representative Patrick McHenry, they will get to the bottom line for FTX customers and the American people. McHenry also stresses that bad actors must be held accountable. Finally, the representative added that this would help the public leverage technology to build a more inclusive financial system.

McHenry was not alone in speaking out on the case — Rep. Maxine Waters also showed her outrage with the fall of FTX. According to Waters, the damage to more than one million users is incalculable. After all, these were ordinary users who invested their savings and saw them disappear in a matter of hours. Waters also emphasized that this is not the only example we have seen this year.

Will this lead to SBF's imprisonment? Most likely not. After all, it is only an investigation. Yet, SBF will remain in the eye of the storm until justice falls on him or the culprits of this disaster.


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