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House Republicans Demand Answers from SEC Over Arrest of FTX Co-Founder –

On February 10, 2023, Republicans Patrick McHenry of North Carolina and Bill Huizenga of Michigan, both members of the US House of Representatives, sent a letter to Securities and Exchange Commission (SEC) Chairman Gary Gensler seeking answers regarding the arrest of FTX co -Founder Sam Bankman-Fried ahead of his scheduled testimony before the House Financial Services Committee. McHenry and Huizenga allege that the timing of Bankman-Fried’s indictment and arrest raises “serious questions about the SEC’s process and cooperation with the Justice Department.”

House Representatives McHenry and Huizenga are investigating the SEC over the timing of the indictment and arrest of Sam Bankman-Fried

Following the Securities and Exchange Commission’s (SEC) crackdown on Kraken’s staking services in the United States, Patrick McHenry, chairman of the House Financial Services, and Bill Huizenga, chairman of the Oversight Subcommittee, said they questioned the SEC regarding the “timing.” investigating the SEC-DOJ action against Sam Bankman “-Fried.” The two representatives have sent a letter to SEC Chairman Gary Gensler requesting “records and communications” between the Office of the Chairman, the SEC’s Enforcement Agency and the Department of Justice regarding the Bankman Fried issue.

“It is believed that the SEC’s Enforcement Division conducted a full investigation into Sam Bankman-Fried’s actions and submitted the findings to the Commission for Review and Approval of the Indictment,” the letter reads. “Nevertheless, the timing of the charges and his arrest raises serious questions about the SEC’s process and cooperation with the Justice Department. The American people deserve transparency from you and your agency,” the letter adds.

The letter requests all records and communications between SEC Enforcement personnel regarding Bankman-Fried’s allegations. The second requirement applies to all records and communications between the SEC and the DOJ. The third request concerns all records and communications between the staff of the Chairman’s office and Chairman Gensler regarding the charges against Bankman-Fried and the subsequent arrest. House Republicans want the materials as soon as possible and have given the SEC a deadline.

“Please make this material available as soon as possible, but no later than 5:00 p.m. on February 23, 2023,” the letter, written by McHenry and Huizenga, urges. “The Financial Services Committee has authority to oversee the activities of the Securities and Exchange Commission under Rule X of the House Rules.”

What do you think of House Republicans’ call for SEC responses on Sam Bankman-Fried’s arrest? Do share your thoughts on this topic in the comments section below.

House Republicans Demand Answers from SEC Over Arrest of FTX Co-Founder –, Crypto Trading News

Jamie Redman

Jamie Redman is the news director at News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about today’s emerging disruptive protocols.

photo credit: Shutterstock, Pixabay, WikiCommons

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Source: Crypto News Deutsch

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