House Republicans Demand Answers From SEC Over FTX Co-Founder’s Arrest

On Feb. 10, 2023, Republicans Patrick McHenry of North Carolina and Bill Huizenga of Michigan, some members of the U.S. House of Representatives, sent a missive to Securities and Exchange Commission (SEC) president Gary Gensler seeking answers astir the apprehension of FTX co-founder Sam Bankman-Fried anterior to his scheduled grounds earlier the House Financial Services Committee. McHenry and Huizenga asseverate that the timing of Bankman-Fried’s charges and apprehension raises “serious questions astir the SEC’s process and practice with the Department of Justice.”

House Representatives McHenry and Huizenga Probe SEC Over Timing of Charges and Arrest of Sam Bankman-Fried

Following the Securities and Exchange Commission’s (SEC) crackdown connected Kraken’s staking services successful the United States, House Financial Services president Patrick McHenry and Oversight Subcommittee president Bill Huizenga said they are investigating the SEC regarding the “timing of the SEC-DOJ enactment against Sam Bankman-Fried.” The 2 representatives person sent a letter to SEC president Gary Gensler requesting “records and communications” betwixt the Office of the Chair, the SEC’s enforcement agency, and the Department of Justice regarding the Bankman-Fried issue.

“Presumably, the SEC’s Division of Enforcement did a implicit probe into the actions by Sam Bankman-Fried and presented the findings to the Commission for its reappraisal and to authorize the charges,” the missive details. “Yet, the timing of the charges and his apprehension raises superior questions astir the SEC’s process and practice with the Department of Justice. The American radical merit transparency from you and your agency,” the missive adds.

The missive demands each records and communications betwixt the SEC Division of Enforcement employees relating to Bankman-Fried’s charges. The 2nd request is for each records and communications betwixt the SEC and the DOJ. The 3rd request is for each records and communications betwixt the Office of the Chair employees and president Gensler successful narration to Bankman-Fried’s charges and consequent arrest. The House Republicans privation the materials arsenic soon arsenic imaginable and person fixed the SEC a deadline.

“Please supply this worldly arsenic soon arsenic possible, but nary aboriginal than 5:00 p.m. connected February 23, 2023,” the missive written by McHenry and Huizenga demands. “The Committee connected Financial Services has jurisdiction to oversee the activities of the Securities and Exchange Commission pursuant to Rule X of the Rules of the House of Representatives.”

What bash you deliberation astir the House Republicans’ request for answers from the SEC connected the apprehension of Sam Bankman-Fried? Share your thoughts astir this taxable successful the comments conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This nonfiction is for informational purposes only. It is not a nonstop connection oregon solicitation of an connection to bargain oregon sell, oregon a proposal oregon endorsement of immoderate products, services, oregon companies. Bitcoin.com does not supply investment, tax, legal, oregon accounting advice. Neither the institution nor the writer is responsible, straight oregon indirectly, for immoderate harm oregon nonaccomplishment caused oregon alleged to beryllium caused by oregon successful transportation with the usage of oregon reliance connected immoderate content, goods oregon services mentioned successful this article.