FTX founder Sam Bankman-Fried on hot seat as Senate inquiries, criminal probes move forward

Sam Bankman-Fried is facing an onslaught of legal repercussions over his involvement in the collapse of FTX, the cryptocurrency trading platform he founded in 2019, with congressional investigations set to take off over the course of the upcoming weeks.

The Senate Agriculture Committee, which is tasked with oversight of the Commodity Futures Trading Commission (CFTC), is planning to hold a hearing on the rapid collapse of FTX this week, with the office of GOP Ranking Member John Boozman of Arkansas giving FOX Business details about the hearing. Boozman's office said the hearing will feature CFTC Chairman Rostin Behnam and focus on "the need to bring transparency and accountability to the crypto market."

"We have previously held hearings on the CFTC’s role in regulating digital assets, and Chairwoman Stabenow and Ranking Member Boozman introduced legislation on it, but the committee is revisiting the issue in light of the events of the past few weeks," a spokesperson for Boozman said in a statement. 

"The hearing will give us an opportunity to ask Chairman Behnam what the CFTC needs from Congress to establish a regulatory framework that will give consumers greater confidence that their investments are safe," the statement continued.