{"id":1741491,"date":"2022-11-16T17:33:18","date_gmt":"2022-11-16T22:33:18","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1741491"},"modified":"2022-11-16T17:33:19","modified_gmt":"2022-11-16T22:33:19","slug":"bipartisan-committee-to-hear-from-sam-bankman-fried-and-crypto-allies-next-month","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bipartisan-committee-to-hear-from-sam-bankman-fried-and-crypto-allies-next-month\/","title":{"rendered":"Bipartisan Committee To Hear From Sam Bankman-Fried And Crypto Allies Next Month"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbipartisan-committee-to-hear-from-sam-bankman-fried-and-crypto-allies-next-month%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1741491&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The House Financial Services Committee will host a hearing next month on Sam Bankman-Fried and his collapsed <a href=\"http:\/\/dailywire.com\/topic\/cryptocurrency\" target=\"_blank\" rel=\"noopener\">cryptocurrency<\/a> companies, FTX and Alameda Research.<\/p>\n<p>FTX filed for <a href=\"https:\/\/www.dailywire.com\/news\/30-year-old-billionaire-loses-entire-fortune-overnight-as-his-bahamas-based-cryptocurrency-empire-implodes\" target=\"_blank\" rel=\"noopener\">bankruptcy<\/a> on Friday after users discovered that both firms, which are controlled by Bankman-Fried and his associates, were allegedly fraudulently intertwined, triggering a liquidity crisis as customers rushed to withdraw funds. A number of individual and institutional clients still have as much as $8 billion remaining in frozen accounts while Bankman-Fried <a href=\"https:\/\/www.dailywire.com\/news\/former-crypto-billionaire-sam-bankman-fried-whose-entire-fortune-just-went-to-zero-is-calling-around-for-new-investors\" target=\"_blank\" rel=\"noopener\">asks investors<\/a> to help compensate users.<\/p>\n<p>House Financial Services Chairwoman Maxine Waters (D-CA) and Ranking Member Patrick McHenry (R-NC) announced that the bipartisan hearing will involve the testimonies of Bankman-Fried and those involved in related entities, including competitor Binance, which nearly purchased FTX. \u201cOversight is one of Congress\u2019 most critical functions and we must get to the bottom of this for FTX\u2019s customers and the American people,\u201d McHenry said in a <a href=\"https:\/\/republicans-financialservices.house.gov\/news\/documentsingle.aspx?DocumentID=408471\" target=\"_blank\" rel=\"noopener\">press release<\/a>. \u201cIt\u2019s essential that we hold bad actors accountable so responsible players can harness technology to build a more inclusive financial system.\u201d<\/p>\n<p>Bankman-Fried <a href=\"https:\/\/www.dailywire.com\/news\/here-are-the-democrats-and-republicans-who-received-campaign-cash-linked-to-bankrupt-crypto-empire-ftx\" target=\"_blank\" rel=\"noopener\">donated<\/a> nearly $39 million during the recent midterm elections, with nearly all of his contributions benefiting Democratic candidates or political action committees, according to <a href=\"https:\/\/www.opensecrets.org\/outside-spending\/top_donors\/2022?disp=D&#038;type=V&#038;superonly=N\" target=\"_blank\" rel=\"noopener\">data<\/a> from Open Secrets, which listed him as the nation\u2019s sixth-largest individual midterm donor. FTX Co-CEO Ryan Salame, however, donated heavily to organizations supportive of Republicans, according to more <a href=\"https:\/\/www.opensecrets.org\/outside-spending\/donor_detail\/2022?id=U0000004758&#038;type=I&#038;super_only=N&#038;name=Salame%2C+Ryan+D.+%26+Susan\" target=\"_blank\" rel=\"noopener\">data<\/a> from Open Secrets.<\/p>\n<p>\u201cThe fall of FTX has posed tremendous harm to over one million users, many of whom were everyday people who invested their hard-earned savings into the FTX cryptocurrency exchange, only to watch it all disappear within a matter of seconds,\u201d Waters added. \u201cUnfortunately, this event is just one out of many examples of cryptocurrency platforms that have collapsed just this past year\u2026 we need legislative action to ensure that digital assets entities cannot operate in the shadows outside of robust federal oversight and clear rules of the road.\u201d<\/p>\n<p>Beyond members of Congress, officials in the Biden administration have revealed a willingness to implement more regulations on cryptocurrencies. Treasury Secretary Janet Yellen remarked during a Tuesday <a href=\"https:\/\/www.cbsnews.com\/news\/ftx-collapse-janet-yellen-crypto-economy-inflation-diesel-shortage-ev-batteries-china\/\" target=\"_blank\" rel=\"noopener\">interview<\/a> with CBS News that the nascent sector requires \u201cappropriate supervision and regulation,\u201d noting that the administration has identified \u201cregulatory holes that need to be filled for this to be a space where Americans can feel safe doing business.\u201d<\/p>\n<p>Indeed, an <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/09\/16\/fact-sheet-white-house-releases-first-ever-comprehensive-framework-for-responsible-development-of-digital-assets\/\" target=\"_blank\" rel=\"noopener\">executive order<\/a> from President Joe Biden earlier this year directed federal agencies to identify risks and benefits of cryptocurrencies, which are a form of <a href=\"https:\/\/www.dailywire.com\/news\/what-exactly-is-bitcoin-heres-how-the-worlds-largest-cryptocurrency-actually-works\" target=\"_blank\" rel=\"noopener\">decentralized digital money<\/a> that users can transfer between their virtual wallets. The administration concluded that the assets \u201cpose meaningful risk\u201d in the form of highly volatile markets, as well as \u201coutright fraud, scams, and theft.\u201d<\/p>\n<p>The Federal Reserve Bank of New York launched a <a href=\"https:\/\/www.dailywire.com\/news\/federal-reserve-launches-digital-dollar-initiative-days-after-leading-cryptocurrency-firm-goes-under\" target=\"_blank\" rel=\"noopener\">simulated digital currency<\/a> initiative on Tuesday, four days after FTX filed for bankruptcy, in which major financial institutions such as Citi, Mastercard, and BNY Mellon will experiment with a financial market infrastructure that would facilitate \u201cdigital asset transactions that connect deposits held at regulated financial institutions using distributed ledger technology.\u201d Federal Reserve Chair Jerome Powell and other policymakers have previously <a href=\"https:\/\/www.dailywire.com\/news\/watch-fed-chair-says-his-mind-is-open-on-a-digital-dollar\" target=\"_blank\" rel=\"noopener\">expressed interest<\/a> in a digital dollar managed by the central bank, provided that the public offers enough support.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The House Financial Services Committee will host a hearing next month on Sam Bankman-Fried and his collapsed cryptocurrency companies, FTX and Alameda Research. FTX filed for bankruptcy on Friday after users discovered that both firms, which are controlled by Bankman-Fried and his associates, were allegedly fraudulently intertwined, triggering a liquidity crisis as customers rushed to &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1735572,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1741491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1741491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1741491"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1741491\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1735572"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1741491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1741491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1741491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}