SBF Wanted to Keep SEC Away From Crypto Regulation: FTX Hearing

FTX Hearing News: CEO John J. Ray III’s comments at the Congressional hearing about the FTX crisis are making the hearing very interesting. On Tuesday, CEO John Ray testified before a committee as Sam Bankman-Fried remains in police custody in Bahamas. The latest statement by Congress representatives was that SBF wanted the US Securities and Exchanges Commission to remain away from the crypto market. The news of SBF’s arrest on Tuesday was received positively by the crypto market.
According to CoinMarketCap, Bitcoin (BTC), and Ethereum (ETH), prices have risen by 5% and 6%, respectively, over the past 24 hours. As of writing, the BTC price is at $17,757 while the ETH price is at $1,327.


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Congress Representative Brad Sherman began his testimony by mentioning “inmate 14372”, referring to SBF. He stated that the popular crypto personality was actually trying to stop the SEC from regulating the crypto industry. This hearing comes as another major crypto exchange, Binance, is being criticized for its financial reserve policy.
“Now Sam Bankman Fried, or should I call it inmate 14372 had one purpose in all his efforts here at Congress. He is a well-known figure and the only one who wore shorts. His sole purpose was to keep crypto out of the SEC.
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John Ray, CEO of FTX, spoke earlier about the irregularities in FTX’s recordkeeping. He stated that there was no recordkeeping at FTX. Alameda Research and FTX were one and the same in terms of governance, said the CEO. He also stated that FTX is conducting its bankruptcy operations in unprecedented paperless mode. FTX also lost $7 billion in value.
Also read: Where is the BNB Coin Price Going to Amid Binance FUD and Withdrawals?


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