Politicians want to know why the former head of the infamous crypto exchange, Sam Bankman-Fried, was arrested on the eve of a scheduled speech before the Financial Services Commission (FSC).
House Financial Services Committee Chairman Patrick McHenry and Oversight Subcommittee Chairman Bill Huizenga said in a letter to Gary Gensler that “The timing of charges and the arrest raise serious questions about the work of the SEC and its cooperation.” with the Ministry of Justice.
McHenry and Huizenga were asked to release SEC documents and DOJ communications to Gensler for the period Nov. 2 through Feb. 9. Congressmen gave the commission until February 23 to comply with the demands.
In December, U.S. Attorneys indicted Bankman-Fried on eight felony counts, including wire fraud, conspiracy to commit commodities and securities fraud, conspiracy to commit money laundering, and violation of campaign finance.. Former head of FTX pleads not guilty. Two weeks after prosecutors filed charges, Bankman-Fried was released on $250 million bail.