The U.S. House of Representatives Committee on Agriculture will hold a hearing on December 1 on the FTX cryptocurrency exchange and mitigation measures for its collapse.
The hearing, titled “Why Congress Needs to Act: Lessons Learned from the FTX Collapse,” will take place on Dec. 1 under the auspices of the Committee on Agriculture (CANF). Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam is expected to give his assessment of the current events and proposals for mitigation of the consequences at the hearing.
The hearings were initiated by Senators Debbie Stabenow and John Boozman, who are working with the CFTC on legislation to create a regulatory regime for digital goods, primarily bitcoin.
Notably, the bill, which Stabenow and Buzman pledged to lobby for, drew criticism from members of the cryptocurrency community and prominent industry leaders, but won the backing of former FTX CEO Sam Bankman-Fried. In addition to the Committee on Agriculture, the Committee on Financial Services and the Senate Banking Committee have indicated their intention to hold hearings in the FTX case.
Earlier, CFTC Commissioner Kristin Johnson said that timely adoption of cryptocurrency regulations could prevent negative events or mitigate the consequences that now apply to all participants in the crypto industry amid the collapse of the FTX cryptocurrency exchange.
Source: Bits
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