House Subcommittee Chair Calls for Documents as Part of FTX Collapse Probe

Rep. Raja Krishnamoorthi (D-Ill.) is chairman of the Subcommittee on Economic and Consumer Policy.

AccessTimeIconNov 18, 2022 at 6:48 p.m. UTC
Updated Nov 22, 2022 at 8:26 p.m. UTC

Elizabeth Napolitano is a news reporter at CoinDesk.

"FTX's customers, former employees and the public deserve answers," wrote U.S. Congressman Raja Krishnamoorthi in a Friday letter to former FTX CEO Samuel Bankman-Fried and current FTX CEO John J. Ray III.

Krishnamoorthi (D-Ill.) is chairman of the House Oversight and Reform Committee's Subcommittee on Economic and Consumer Policy.

His subcommittee “is seeking detailed information on the significant liquidity issues faced by FTX, the company’s abrupt decision to declare bankruptcy and the potential impact of these actions on customers who used your exchange,” Krishnamoorthi said.

He also pressed FTX to comply with an Aug. 30 document request from his subcommittee.

Krishnamoorthi's action follows the House Financial Services Committee setting a hearing on FTX's collapse for next month. On the Senate side of Capitol Hill, Elizabeth Warren (D-Mass.) and Richard Durbin (D-Ill.) sent their own letter to FTX seeking answers about the crypto exchange's finances.

Krishnamoorthi’s subcommittee set a Dec. 1 deadline for FTX to send that requested information. With Republicans set to take control of the House in January, time is tight for any Democratic-led probe of FTX.

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Elizabeth Napolitano is a news reporter at CoinDesk.

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Elizabeth Napolitano is a news reporter at CoinDesk.