SEC Chairman Gary Gensler’s Latest Statements On Upcoming FTX Hearings

The US House Financial Services Committee is holding a FTX hearing on December 13.
FTX co-founder stated that he would review the downfall of cryptocurrency exchange.
Goldman Sachs wants to buy or invest in crypto firms.

Democrats are getting ready for the upcoming FTX hearing on December 13. The US House Financial Services Committee is currently holding a series of briefings with financial regulators on cryptocurrency exchange FTX’s downfall that has affected millions of crypto users and investors.

On Tuesday, The Securities and Exchange Commission (SEC) chairman Gary Gensler will brief a group of Democratic party members (exclusive). It is not confirmed who will attend next week’s hearing – Chair Gensler or his CFTC counterpart chair Rostin Behnam. The CFTC chief has already testified regarding FTX to the Agriculture Committee of the Senate.

Chair Gensler stated that FTX’s downfall is “part of a pattern” in digital markets. He stated, “I wouldn’t not take the last two days as separate from what’s happened in the last eight months. Lack of disclosure, opacity, we have seen the use of other people’s money and trading ahead.”

To unearth the mess that led to the sudden collapse of the once third-largest crypto exchange, the US House Financial Services Committee is holding a hearing on December 13, and the next court hearing will be on December 16. On Sunday, co-founder and former CEO of FTX Sam Bankman-Fried stated that he would appear at hearings before he had to review the exchanges.

The former FTX CEO stated, “once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee hearings.”

In a Monday interview (which is among several interviews he has done over the past few days), the former SBF said that John Ray’s testimony is false. “I think it is pretty hard, if you try to take over a company and refuse to talk with anyone who was involved in running that company.”

Strategic Plan for FY22-26

The SEC chairman recently revealed a financial year plan for 2022-2026. As per the SEC press release, the agency has set 3 ‘primary goals:’

“Protect the investing public against fraud, manipulation, and misconduct;

Develop and implement a robust regulatory framework that keeps pace with evolving markets, business models, and technologies

Support a skilled workforce that is diverse, equitable, and inclusive and is fully equipped to advance agency objectives.”

Goldman Sachs collaborates with MSCI and Coin Metrics

US based Goldman Sachs intended to spend $10 million (USD) to buy or invest in crypto companies after the downfall of one of the largest crypto exchanges, FTX. The ‘Big-Four’ firm and the second largest investment bank, came up with an innovative idea that will classify crypto assets and tokens on the platform. The partnership between Morgan Stanley Capital International (MSCI) and Coin Metrics will introduce a new theme called “Datonomy” that will help increase transparency in the digital asset ecosystem.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing