Senate committee to hold FTX-related hearing in December

Quick Take

  • The CFTC chair will testify on the collapse of FTX before the Senate Agriculture Committee 0n December 1. 

The Senate Agriculture Committee has scheduled a hearing on the recent high-profile collapse of crypto exchange FTX. 

Titled "Why Congress Needs to Act: Lessons Learned from the FTX Collapse," the hearing will take place on December 1 and feature testimony from Commodity Futures Trading Commission Chair Rostin Behnam.

The committee's leaders, Debbie Stabenow, D-Mich., and John Boozman, R-Ark., have worked on legislation that would build a CFTC-centered regulatory regime around digital commodities, primarily bitcoin. Behnam actively supported the bill, testifying before the committee in September on the subject, while Stabenow and Boozman both pledged to move forward with legislation. The bill drew criticism from members of the decentralized finance community, and had a prominent industry champion in former FTX CEO Sam Bankman-Fried. 

Last week the House Financial Services Committee was first to announce a hearing on the high-profile exchange's implosion, which sent reverberations across the industry. The Senate Banking Committee is also weighing a potential hearing on the topic. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.