Senator Stabenow opens first congressional hearing on FTX collapse

Senate Agriculture Committee Chair Debbie Stabenow says at hearing with Commodity Futures Trading Commission Chairman Rostin Behnam that one month earlier the crypto market was rocked by reports that trading firm Alameda Research affiliated with crypto exchange FTX was in financial trouble, its balance sheet was propped up by a crypto token that FTX had created in a matter of days FTX and most of its affiliated companies collapsed into bankruptcy, at best events uncovered an alarming lack of internal controls and egregious governance failures, at worst Sam Bankman Fried and his inner circle lied to and stole from over 1 million customers, some of whom lost their life savings.