It was a Curiosity For Bitcoin and Altcoins! The Breath Was Held, The Eyes Were Turned to That Date!
Democrats on the US House of Representatives Financial Services Committee will listen to the chairman of the US Securities and Exchange Commission (SEC) Gary Gensler ahead of an investigative hearing on FTX next week. What Gensler has to say will be carefully followed by Bitcoin (BTC) and altcoin investors.
Eyes Are Turned to December 13
SEC Chairman Gary Gensler will speak to democratic members in a special session on December 13. According to the information reached by The Block and the calendar confirmed by a Democratic aide, a senior staff member of the US Commodity Futures Trading Commission (CFTC) also gave a speech to Democrats and Republicans on the committee on December 5.
It is unclear whether Gensler or his counterpart at the CFTC, Chairman Rostin Behnam, will attend next week’s hearing. Behnam testified before the US Senate Agriculture Committee last week about FTX and legislation to reform the organization’s approach to cryptocurrencies.
The SEC Chairman came forward with his description of the collapse of FTX as part of the crypto currency market model, and the crypto currency drew the reaction of the community. Gensler’s speech on December 13 is likely to answer questions from both Republicans and Democrats about whether the SEC could have done more to protect investors.
Rohit Chopra, the director of the US Consumer Financial Protection Bureau (CFPB), will also give a speech to Democrats at a hearing on December 14, but the main focus of this hearing is a regular audit hearing for the institution scheduled for next week.
The CFPB under Chopra is an institution that is often seen as less active in cryptocurrencies that fall under the jurisdiction of the SEC and CFTC, but crypto money lending company Nexo recently announced plans to exit the United States in response to the CFPB’s review. The institution also stated that it could take a more active role in the regulation of crypto currencies in recent days.
Committee Wants to Hear From Sam Bankman-Fried
Meanwhile, the U.S. House of Representatives Financial Services Committee wants to hear embattled FTX’s former CEO Sam Bankman-Fried (SBF) and has requested current FTX CEO John Ray III to testify about current developments. Bankman-Fried said in a tweet over the weekend that he would not attend next week’s hearing, while House Financial Services Committee Chairwoman Maxine Waters, D-Calif., said it was imperative that Bankman-Fried attend the hearing.
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