By Scott Galbraith
For a proceeding on a declared selling of unlisted safeties on February 2, the Texas Securities Commission (SSB) has invited the former CEO of FTX to the court. Sam Bankman-Fried’s February hearings are being requested by Texas enforcers.
The FTX leader’s hesitation
Even though there were several positive cryptocurrency news stories last week, the FTX rollout still has the most attention.
Sam Bankman-Fried, the founder of a bankrupt exchange, should have been extradited from the beginning, but the thirty-year-old made his 1st authorized phone call last week.
The former CEO is welcome to attend the Texas Securities Commission’s (SSB) Feb, concerning the so-called marketing of unlisted safeties, on July 27.
SSB Officer J. Rotunda wants the judge to issue a stay order during the hearing. Even though he has extended an invitation to Congress, he himself has no immediate plans to return to the USA.
He is not yet prepared, according to Bankman-Fried, to testify before the U. S. until he “investigates and verifies what occurred,” according to Congress.
The huge impact of the bankruptcy
While this is going on, the FTX crash is still having an impact on the entire planet. The state authorities are being questioned a lot about why they didn’t do more to safeguard retail investors.
Opposition lawmakers suggested that a bipartisan committee interview Singapore-based state investor Temasek about his investment strategy because Temasek was among the sixty-nine market traders who took part in the multi-million fundraising activities for the infamous FTX crypto trading corporation during the Fall a year ago.
After the cryptocurrency (MiCa) market was implemented, a second crypto regulation will be required, according to European main banking organization leader C. Lagarde, who has foregrounded the bankruptcy of the infamous crypto trading platform.
At a special hearing scheduled for December, a colleague on the US HFSC said he will focus more on the crisis case.
Additionally, the CFTC will have to make a response to the inquiry, and questions on the matter from the chairman R. Behnam, as anticipated, called for bolstering the governmental body’s authority and answer.