Incoming GOP Congressman Fears Democrats Will Downplay FTX Scandal, Calls for ‘Thorough’ Investigation

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A newly-elected GOP representative from New York said that he worries that Democrats will try to downplay potential campaign finance and securities law violations by former FTX CEO Sam Bankman-Fried using a lame-duck session of Congress before the new Congress is sworn in.

Republican George Santos, 34, who won New York’s 3rd Congressional District flipping the seat red, joined his congressional colleagues by calling for a “thorough investigation” when the new GOP Congress takes over next year.

The spectacular collapse of FTX, a crypto-currency exchange that is headquartered in the Bahamas, which filed for bankruptcy on Nov. 11 has left around million customers and other investors facing total losses of billions of dollars. Since then, reports have emerged that Alameda Research, a crypto hedge fund established by Bankman-Fried, was trading billions of dollars from FTX accounts without clients’ knowledge.

The House Financial Services Committee said last week it plans to hold a hearing in December to investigate the FTX collapse. It said it expects to hear from companies and individuals involved, including Bankman-Fried, FTX, and Alameda Research.

Committee Chairwoman Maxine Waters (D-Calif.) said in a statement that the United States needs “legislative action to ensure that digital assets entities cannot operate in the shadows outside of robust federal oversight.”

But Santos is not convinced the Democrat-led committee will take robust action.

“Waters has signaled that she’s not going to investigate Bankman-Fried and FTX as a class. So I’m a little concerned that the Democrats right now as lame-ducks in Congress, will deflect the issue between now and the start of the new Congress,” Santos, who is attending leadership meetings for the GOP this week, told The Epoch Times.

“That’s something I’m very interested in investigating,” he added.

Santos, who worked as a financial advisor and has asked for a Financial Services Committee assignment, said that “accountability is mandatory and absolutely necessary.”

“Nobody should get away with this with impunity,” he added.

Santos made news last week when he called some planned investigations by the House GOP, such probes of the COVID-19 origins, Dr. Anthony Fauci’s handling of the pandemic, and Hunter Biden’s foreign business dealings, “hyperpartisan” issues.

By John Ransom

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