(WBBM NEWSRADIO) — Schaumburg Congressman Raja Krishnamoorthi is looking for answers following the collapse of crypto-currency exchange FTX.
The company announced earlier this month that it does not have enough cash on hand to cover customer deposits. It has since filed for bankruptcy protection.
Krishnamoorthi, the current chairman of the House Oversight Subcommittee on Economic and Consumer Policy, sent a letter to the company requesting all documents and communications related to the collapse of FTX.
The clock is ticking. Republicans have won a majority of seats in the House of Representatives, which means the committee will have a new chairman come January. Krishnamoorthi hopes the investigation will continue.
"If you are one of those investors, and you put your money into FTX, regardless of what party affiliation you are, you don't want to see it go up in smoke," the congressman said.
The letter set a deadline of Dec. 1 to receive the documents. That deadline usually determines the timeline of the investigation.
"Normally we reserve hearings for after we receive documents and get a better handle on the situation," Krishnamoorthi said.
The subcommittee has been investigating the crypto-currency industry since August 2022.
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