US lawmakers question SEC chair on timing of Sam Bankman-Fried's arrest

Two members of the United States House Financial Services Committee are calling connected Securities and Exchange Commission seat Gary Gensler “regarding the timing of the charges filed against FTX laminitis Sam Bankman-Fried” based connected his scheduled quality astatine a hearing.

In a Feb. 10 notice, committee seat Patrick McHenry and Representative Bill Huizenga, who chairs the Oversight and Investigations Subcommittee, said the timing of Bankman-Fried’s charges and apprehension successful the Bahamas raised “serious questions astir the SEC’s process and practice with the Department of Justice”. The 2 lawmakers called connected Gensler to supply records and communications from the SEC’s Division of Enforcement, his office, and betwixt the bureau and the Justice Department related to SBF's charges from Nov. 2 to Feb. 9.

Bankman-Fried had been scheduled to testify earlier a House Financial Services Committee proceeding connected Dec. 13 exploring the illness of crypto speech FTX. However, the erstwhile FTX CEO was arrested successful the Bahamas successful accordance with an extradition statement with the United States. The Justice Department charged Bankman-Fried with 8 transgression counts including ligament fraud, portion the SEC and the Commodity Futures Trading Commission person filed abstracted civilian suits against the erstwhile CEO.

“Since Gary Gensler won't abide by his ain polices [sic] to ‘come successful and talk’, the House GOP volition clasp him accountable,” said Huizenga successful a Feb. 10 tweet.

Since @garygensler won't abide by his ain polices to "come successful and talk”, the House GOP volition clasp him accountable. Today, arsenic promised, our oversight of the @SECGov begins with a petition for documents surrounding their interactions with @SBF_FTX, @FTX_Official, and @TheJusticeDept pic.twitter.com/cQ9L66I0t5

McHenry and Huizenga requested Gensler supply the accusation nary aboriginal than Feb. 23. The SEC seat faced further scrutiny this week pursuing the bureau announcing a colony with Kraken successful which the speech agreed to halt offering staking services oregon programs to U.S. clients.

Related: US lawmakers inquire DOJ clasp FTX execs accountable ‘to the fullest grade of the law’

With Bankman-Fried’s absence, FTX CEO John Ray was the sole witness astatine the December committee hearing, but the Senate Banking Committee besides probed FTX’s “bubble burst” successful its ain proceeding connected Dec. 14. The banking committee has scheduled an further hearing connected the “crypto crash” of 2022 to hap connected Feb. 14.