Sen. Elizabeth Warren (D-Mass.) and Sen. Chuck Grassley (R-Iowa) have called on Rostin Behnam, the chair of the U.S. Commodity Futures Trading Commission (CFTC), to divulge details of his communications with Sam Bankman-Fried, the former CEO of FTX.
What Happened: Senator Warren and Grassley have issued a letter to Behnam asking for a comprehensive record of his interactions with Bankman-Fried during his tenure. This request comes in the wake of disclosures that CFTC officials had met with Bankman-Fried and his team as many as 10 times at the agency over a span of 14 months.
In 2022, Behnam had informed lawmakers that he had exchanged several messages with the FTX founder, who was recently sentenced to 25 years in prison for massive fraud.
The senators are now demanding copies of all written communications. “A full accounting of all conversations about Mr. Bankman-Fried, FTX, Alameda, or any associated executives involving you or any CFTC employee,” the letter stated.
Steven Adamske, a CFTC spokesperson, confirmed that they had received the senators’ letters. He said, “We just received these letters, so we will work with the office to get them the information they need.”
Warren has also been vocal about the need for stricter regulations in the crypto industry, questioning why the industry seems to say that the only way it can survive is if there's “plenty of space for the drug traffickers and human traffickers.”
Her latest demand for transparency from the CFTC chair regarding his interactions with the FTX CEO is in line with her ongoing efforts to hold the cryptocurrency industry accountable and ensure that regulatory bodies are actively monitoring and regulating the industry.
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