During the Congressional hearings on the FTX crisis, most individuals were interested in the explanation given by FTX CEO John Ray when Sam Bankman-Fried (SBF) was in police custody in the Bahamas.
Clarified by representatives of Congress, SBF wants the United States Securities and Exchange Commission (SEC) not to interfere and have anything to do with the crypto industry.
Most digital assets are seen to see positive movement after his arrest.
Bitcoin (BTC) price climbed 5% to the $17,783 price zone in the last 24 hours while Ethereum (ETH) climbed 6% to $1,327.
During the hearing with Congressman Brad Sherman, he mentioned that the SBF has issued its opinion regarding the current crypto market that seeks to prevent the SEC from regulating the digital asset.
It is understood that the hearing comes at a time when crypto exchange company Binance is facing intense criticism due to its monetary reserve policy.
John Ray has stated that there is no record keeping at FTX that can prove they made any irregularities while the differences in terms of governance of FTX and Alameda Research are similar.
He also revealed that FTX has lost over $7 billion in value.
