Warren and Durbin seek answers from Bankman-Fried and FTX's successor
Jessie A Ellis Nov 17, 2022 19:41
Elizabeth Warren and Richard Durbin wrote to the former and current CEOs of FTX. They asked for more information on the collapse of the cryptocurrency exchange. They noted "the apparent lack of due diligence by venture capital and other big investment funds". The lawmakers made 13 requests for documents, lists and answers.
On November 16, Elizabeth Warren and Richard Durbin sent letters to the former and current CEOs of FTX, Sam Bankman-Fried and John Jay Ray III, respectively, in which they requested further information surrounding the failure of the cryptocurrency exchange. Bankman-Fried was the recipient of the letter that Richard Durbin sent. John Jay Ray III was the recipient of the letter sent by Elizabeth Warren.
They sent out thirteen calls for papers and thirteen response lists and response lists in addition to the thirteen requests.
"The public is owed a complete and transparent accounting of the business practices and financial activities leading up to and following FTX's collapse." the senators stated in their statement. In addition to this, they said that "The public is owed a complete and transparent accounting of the business practices and financial activities leading up to and following FTX's collapse."
They were successful in accomplishing this goal by first presenting a summary of the key news coverage of the events as they were happening, and then making use of sources from the media in order to re-create a chronology of the events that transpired.
Before the 28th of November, Warren and Durbin must receive a substantial quantity of the relevant papers. This obligation must be fulfilled.
They need "full copies of all FTX and FTX subsidiary balance sheets from 2019 to the present."
Warren and Durbin have already worked together on crypto policy, as shown by the letter that they wrote to the president of Fidelity Investments in which they expressed their opposition to Bitcoin being included in one of the company's investment vehicles. This letter is evidence of the fact that Warren and Durbin have already worked together on crypto policy. A letter expressing their objection to Bitcoin being incorporated in any of the company's investment vehicles was sent as a demonstration of their disapproval.
Warren is an outspoken critic of cryptocurrencies, and he has expressed concern regarding the dangers of decentralized finance, the energy consumption of cryptocurrency mining, and the use of cryptocurrencies in ransomware attacks, amongst other things. He is also concerned about the environmental impact of mining cryptocurrencies. Since the beginning of their existence, he has consistently expressed his disapproval of cryptocurrencies.
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