On December 13, The United States House of Representatives hosted the House Financial Services Committee Hearing questioning new FTX CEO, John Ray III. It was a 3.5-hour hearing – let’s break down some of the takeaways! Subscribe! https://voskco.in/Sub
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⏰ Timestamps ⏰
00:00 FTX House of Rep. Hearing
00:44 Why this hearing matters
03:10 Charges against Sam Bankman-Fried
04:13 McHenry’s opinion on FTX
05:44 Why FTX collapsed
08:00 Chaos behind the scenes at FTX
11:40 Crypto is for “Terrorists”
13:47 Was the collapse a “mistake?”
15:04 SBF’s written testimony
16:35 How long will it take to fix FTX?
18:46 SBF’s parents received payments
19:54 Misunderstandings of crypto in congress
20:52 FTX is a failure of centralization
24:20 FTX US and FTX International status
26:10 The FTX hack & Bahamian withdrawals
28:02 Why was SBF arrested before testifying?
29:08 Is crypto the next big tech failure?
30:42 FTX Hearing breakdown
FTX’s new CEO, John Ray III, was questioned by the US House of Representatives as it relates to the FTX hearings. While Mr. Ray is still limited on the data he has and can share, he did answer some questions regarding the mysterious FTX-owned bank, FTT tokens, the loans SBF issued himself, and the lack of record keeping at FTX. It appears there may be varying levels of effects the bankruptcy will have on FTX US customers and FTX.com (International) customers.
We heard from numerous House members, some with great questions, others not so much. There are reps that still think crypto is just for “tax evasion,” “terrorists,” and “billionaire bros” and that crypto should be renamed to “creepydocurrency.” Can you believe these are the guys that will have a say on what kind of regulations we may see in the future? Let’s break down the key points from the hearing and what the next steps might look like for FTX and its customers.
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