SEC’s FTX Probe Raises Concerns, Will SEC File Required Documents?

• The US House Committee has asked the SEC to provide all documents related to FTX exchange and its founder Sam Bankman-Fried.
• A judge extended a ban on SBF’s efforts to contact employees, due to evidence tampering issue raised by attorneys.
• Bitcoin is currently struggling with bearish pull back, selling at $21,703 with 3.37% drop over the last 24 hours.

Concerns Raised About SEC’s FTX Probe

The US House Committee on Financial Services Republicans has raised concerns about the investigation over FTX exchange and its founder Sam Bankman-Fried. The letter from the Chairman McHenry claims that FTX holds authority to know SEC’s activities in the case – including timings of charges made and SBF’s arrest.

Will SEC File The Required Document?

SEC has been asked by the committee to file all records and communication documents that are related to FTX and Sam Bankman-Fried’s case. These documents date from November 2022 when the FTX issues were made public. Meanwhile, a US judge also extended a ban on SBF’s efforts to contact employees as an issue of tampering with evidence was raised by attorneys.

FTX Case Background

The collapse of FTX exchange had shaken the whole crypto space which bought the entire crypto market on a bearish ride. It was on December 12, 2022 that Bahamas authorities took custody of Sam Bankman-Fried just before his hearing for FTX case.

Market Status

World’s first cryptocurrency Bitcoin is still struggling with current bearish pull back bringing down the entire crypto market. At the time of writing, Bitcoin is selling at $21,703 with a drop of 3.37% over last 24 hours..

Conclusion

The investigation over the FTX and its founder Sam Bankman-Fried continues and everyday there is something new coming up regarding this incident which shook up whole crypto space last year in December 2022; Overall, Crypto market is still struggling due to bearish pullbacks as seen in Bitcoin prices dropping around 3%.