First Mover Americas: Mr. Bankman-Fried Must Go to Washington

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Following up on the unfolding of crypto exchange FTX, the Senate Banking Committee said it wants Sam Bankman-Fried, the exchange’s founder and former CEO, to appear in person next week to discuss the collapse of the exchange. If he doesn’t voluntarily testify, the committee will subpoena him, according to a letter from its leaders on Wednesday. “FTX’s collapse has caused real financial harm to consumers, and effects have spilled over into other parts of the crypto industry. The American people need answers about Sam Bankman-Fried’s misconduct at FTX," the lawmakers said in a statement.

U.S. Securities and Exchange Commission Chairman Gary Gensler said the SEC is fine going after crypto with its current authority. Gensler said he isn’t waiting for new powers from Congress to enforce securities laws against crypto companies, though he added that it would be good to have more money and additional reach beyond U.S. borders. Gensler declined to talk specifically about the failed crypto exchange FTX in an interview on Yahoo Finance.

The Bank of Spain has plans to start a wholesale central bank digital currency (CBDC) project. On Monday, it asked financial institutions and tech providers to submit proposals for the initiative by Jan. 31. The program seeks to simulate the use of a CBDC in wholesale transactions, the bank said in an official statement. A wholesale CBDC would be used in the transfers of funds between banks and financial institutions, as opposed to a retail CBDC, which would be used by the public for everyday purchases.

– Omkar Godbole

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