US Lawmakers Call Crypto Executive To Testify In FTX Collapse Hearing

House lawmakers on Wednesday called for FTX's founder to testify about the cryptocurrency exchange's collapse.

Rep. Maxine Waters (D-Calif.) and Sen. Patrick McHenry (R-N.C.), ranking members of the House Financial Services Committee, are conducting a rare bipartisan hearing next month. They're seeking the testimony of Sam Bankman-Fried, who resigned as FTX chief executive on Friday when the exchange filed for bankruptcy protection.

FTX, one of the biggest cryptocurrency exchanges, was unable to meet investors' withdrawal demands.

"The fall of FTX has posed tremendous harm to over one million users, many of whom were everyday people who invested their hard-earned savings into the FTX cryptocurrency exchange, only to watch it all disappear within a matter of seconds," Waters said in a statement.