![]() In preparation for these and future hearings, companies across the industry may be contacted by congressional committees and/or individual members of Congress and may expect renewed focus by prosecutors and regulators. Perhaps most importantly, Congress will want to discuss what went wrong, current regulatory authorities, and possible legislative proposals to regulate the industry going forward. Given these likely challenges, Congress may also seek testimony from FTX’s investors and perhaps the recipients of investments from Alameda Research, lenders, and competitors, as well as industry trade associations. However, it remains unclear what, if anything, these agencies are able to say beyond what is already known (e.g., that they are investigating). The committees will likely want to hear from both enforcement and regulatory officials such as the Department of Justice (DOJ), Securities and Exchange Commission (SEC), and CFTC. Separately, a spokesperson from the US Senate Committee on Banking, Housing, and Urban Affairs stated that the committee would also hold oversight hearings into the FTX bankruptcy. The Senate Agriculture Committee has announced a hearing at which the chair of the Commodity Futures Trading Commission (CFTC) will testify, while the House Financial Services Committee announced its intention to hold bipartisan oversight hearings and to take testimony from companies and individuals involved, including Sam Bankman-Fried, Alameda Research, Binance, FTX, and related entities, among others. The House of Representatives and the Senate took the first steps in response to the collapse of FTX this week.
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