On November 16, Elizabeth Warren and Richard Durbin despatched letters to the previous and present CEOs of FTX, Sam Bankman-Fried and John Jay Ray III, respectively, during which they requested additional data surrounding the failure of the cryptocurrency trade. Bankman-Fried was the recipient of the letter that Richard Durbin despatched. John Jay Ray III was the recipient of the letter despatched by Elizabeth Warren.
They despatched out 13 requires papers and 13 response lists and response lists along with the 13 requests.
“The general public is owed a whole and clear accounting of the enterprise practices and monetary actions main as much as and following FTX’s collapse.” the senators said of their assertion. Along with this, they stated that “The general public is owed a whole and clear accounting of the enterprise practices and monetary actions main as much as and following FTX’s collapse.”
They had been profitable in engaging in this aim by first presenting a abstract of the important thing information protection of the occasions as they had been taking place, after which making use of sources from the media to be able to re-create a chronology of the occasions that transpired.
Earlier than the twenty eighth of November, Warren and Durbin should obtain a considerable amount of the related papers. This obligation should be fulfilled.
They want “full copies of all FTX and FTX subsidiary stability sheets from 2019 to the current.”
Warren and Durbin have already labored collectively on crypto coverage, as proven by the letter that they wrote to the president of Constancy Investments during which they expressed their opposition to Bitcoin being included in one of many firm’s funding automobiles. This letter is proof of the truth that Warren and Durbin have already labored collectively on crypto coverage. A letter expressing their objection to Bitcoin being included in any of the corporate’s funding automobiles was despatched as an indication of their disapproval.
Warren is an outspoken critic of cryptocurrencies, and he has expressed concern relating to the risks of decentralized finance, the vitality consumption of cryptocurrency mining, and using cryptocurrencies in ransomware assaults, amongst different issues. He’s additionally involved concerning the environmental impression of mining cryptocurrencies. Because the starting of their existence, he has persistently expressed his disapproval of cryptocurrencies.