The collapse of FTX, in a context where bitcoin (BTC) was recording bearish performances, certainly threw the crypto market into chaos. It is true that recently, the BTC has started to pull its head above water again. But the market is not doing any better for all that and players are continuing to explore ways to get it back on track.
A new step towards the regulation of the crypto industry?
The state of the crypto market continues to be a major focus of interest in the US Congress. Two months after the emergency session organized on the sinking of FTX, senators and representatives are preparing to delve further into the matter, according to information published Friday, February 3.
The session will be under the aegis of the Senate Banking Sub-Committee and will take place on Tuesday 14 February. On the agenda, one question prints in the background: that of why financial guarantees must be implemented on digital assets throughout the crypto industry.
The question of the regulation of the crypto industry should thus be at the center of the discussions. This is evidenced in particular by the presence announced in the steering committee of the session, of Senator Tim Scott. He is a strong Republican supporter of strict regulation of the crypto market.
What about SBF’s participation in the hearing?
Sam Bankman-Fried, the former CEO of FTX, was scheduled to attend the first congressional hearing on December 13, 2022 in the wake of his company’s collapse. A hearing in which he could not participate since he was arrested the day before the event.
Today, the question arises whether the former crypto tycoon will be listened to in the upcoming hearing. Nothing allows for the moment to deny or confirm this.
It is however interesting to note that during the previous hearing, certain personalities were called to testify. This is the case of Hollywood star Ben McKenzie, investor Kevin O’Leary, or law teacher Hilary Allen. Other witnesses could possibly emerge, given the complexity of the FTX affair which never ends with his unexpected scenarios.
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