The House event, titled “Investigating the Collapse of FTX,” will follow a similar hearing in the Senate Agriculture Committee scheduled for Dec. 1.
The U.S.-based crypto exchange agreed to pay more than $362,000 as part of a deal “to settle its potential civil liability” related to violating sanctions against Iran.
The Japanese messaging giant will still continue to support its Line blockchain ecosystem and the Link token despite the ongoing industry challenges.
The first and the last major attempt to encourage a comprehensive crypto framework was buried in the House of Commons on Nov. 23.
Congressman Tom Emmer showed concerns about the oversight strategy implemented by Gary Gensler, the chair of the U.S. Securities and Exchange Commission for the crypto ecosystem.
“The fall of FTX was not simply a result of sloppy business and management practices, but rather appears to have been caused by intentional and fraudulent tactics,” said the letter.
Elizabeth Warren’s WSJ op-ed, which correlated the fall of the FTX crypto exchange to crypto ruining the entire economy, did not go unnoticed by the online crypto community.
The NYAG clarified that digital assets differ from blockchain technology, and it has no issues with citizens purchasing stakes in publicly traded blockchain-based businesses in retirement accounts.
According to the Chamber of Digital Commerce CEO, passing any kind of legislation — including bills on crypto and blockchain — will be “incredibly difficult” in a divided government.
The hearing, titled ‘Why Congress Needs to Act: Lessons Learned from the FTX Collapse’, will be one of the first in which U.S. lawmakers explore what happened with the exchange.