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.

By Elizabeth Napolitano

Nov 18, 2022 at 6:48 p.m. UTC

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Elizabeth Napolitano

Elizabeth Napolitano is a news reporter at CoinDesk.

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

“[The 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 continued.

He also pressed FTX to fully comply with a Aug 30 document request by his committee.

Krishnamoorthi's action comes on the heels of the House Financial Services Committee's announcement that a hearing about FTX's collapse will be held next month. Across Capital Hill, Senators Elizabeth Warren (D-Mass.) and Richard Durbin (D-Ill.) have also sent their own letter to FTX asking for answers about its finances.

Krishnamoorthi’s subcommittee has set a Dec. 1 deadline for the submission of the requested documents and information. The window into at least a Democratic-led probe in the House is a narrow one as the Republicans are set to become a majority there in January.

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FTX House Oversight Committee

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