On the 2nd of December 2022, Wall Street silver shared an update on the FTX drama. Democratic Representative Maxine Moore Waters will lead the FTX congressional hearing.
The chairman of the house financial services commission, Maxine Waters, is fully prepared to question the former FTX CEO, Sam Bankman-fried, on the 13th of December 2022.
In a tweet to Sam, she shared her appreciation for his candid discussions on the FTX situation and his willingness to talk with the public, which would somehow help the customers, users, and investors that lost billions of dollars in the mismanagement of customer assets.
To that end, she welcomed his participation in the hearing. Maxine Waters has been an ardent critic of the cryptocurrency industry. In a statement following the Binance and FTX situation in November 2022, she mentioned the impact such an unregulated series of events can have on American citizens.
Using the crash of FTX international, the string of incidents that led to its crash, and the failures to customers and investors. As a reference, she clarified that there will be major consequences now and in the future if robust federal protection and oversight are not implemented for customers.
Although FTX, right up to the bankruptcy, had been claiming that they were operationally healthy, the FTT tokens are now worthless. The platform is unable to refund customer funds.
In her four years heading the financial service commission, she has focused on examining the crypto-currency market, including creating a new task force on fintech and digital assets.
Working alongside Republican representative Patrick Timothy McHenry, she has been working to establish federal legislation for setting stablecoins. This would allow them to develop protection for customers and their assets. This would also assist in reducing market volatility and insulating against market contagions.
The pressure to regulate the crypto market comes from the demand for a Central Bank digital currency and the development of a fintech bank charter that allows such companies to offer lending and payment products.
Public opinion on the SBF hearing held on the 13th is primarily negative. With the publicly covered information surrounding SBF’s donation to the democratic party and the fact that Maxine Waters is known to be on wonderful times with the former FTX CEO, many are calling the setup a potential risk for conflicts of interest.
CAUGHT: Maxine Waters appears to blow a kiss at FTX’s chief fraudster Sam Bankman-Fried at a Congressional hearing while the cameras were still rolling
She’s the one who’s supposed to grill SBF next month?
— Benny Johnson (@bennyjohnson) November 18, 2022
Maxine is even seen on camera blowing a kiss at Sam during a congressional hearing in November 2022.