Breaking: U.S. House Committee Doubts the Timing Of SEC’s FTX Probe

SEC FTX Probe: The U.S. House Committee on Financial Services Republicans raised serious questions about the handling of the US SEC’s investigation into FTX collapse. Patrick McHenry, the chairman of the committee, demanded all records and communications regarding the ongoing investigation from the agency. This could be a remark that could be taken as a big slap on Gary Gensler’s SEC. The chairman stated, “The American people expect transparency from you and the agency.” The chairman of the House committee requested that the records be submitted within two weeks.
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This view was based on Sam Bankman-Fried’s arrest and the timing of the charges, according to a letter sent by Chairman McHenry the SEC Chair. The letter noted that the SEC’s activities are subject to the supervision of the financial services committee, as per US law. The SEC was requested to provide all records and communications relating to the charges against Sam Bankman-Fried, co-founder of FTX, since November 2022 when FTX’s liquidity problems were discovered.
“The timing of his arrest and the charges he was facing raise serious questions about the SEC’s process and cooperation in this case with the Department of Justice.”

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