Heavy Words from Sam Bankman-Fried to Regulators


Representative Patrick McHenry said that the issue will be one of the focal points of the investigation.

The US Congress Will Consider the Role of Binance

McHenry, who is expected to become the next chairman of the House Financial Services Committee, referenced an internet meme derived from the TV series “The Office” to highlight the role of Binance CEO Changpeng Zhao in the collapse of FTX.

FTX had filed for Chapter 11 bankruptcy on November 11.

McHenry noted that Sam Bankman-Fried, the former CEO of FTX, will also be called to the session to be held.

“The first step is to call for a bipartisan hearing,” said the ranking member of the House Financial Services Committee.

On the question of whether the status of FTX will affect the stablecoin legislation, McHenry said:

“I had a productive conversation with President Waters and we worked significantly to agree on this issue, and I think we understand each other much better. We think similarly about what a stablecoin is”

However October legislation on defining digital assets and regulating centralized exchanges is also gaining urgency, McHenry said.

Binance has denied that it had a direct role in the collapse of FTX.

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