- A House panel will begin its hearing on the FTX crash at 10 a.m. EST.
- The hearing, which was expected to include Sam Bankman-Fried before his arrest, will stream live.
The US House Committee on Financial Services is scheduled to hold its highly anticipated hearing on the fall of onetime crypto lending giant FTX on Tuesday morning at 10 a.m. Eastern.
The hearing, titled, "Investigating the Collapse of FTX, Part I" was originally expected to feature testimony by both FTX Group's current CEO, John J. Ray III, and its founder and former CEO, Sam Bankman-Fried, who has indicated plans to appear remotely.
But Bankman-Fried was arrested in the Bahamas on Monday evening before he was set to testify, leaving lawmakers without the chance to speak with him directly on Tuesday.
Congresswoman Maxine Waters, who chairs the committee, said that she was "surprised" at the news.
"While I am disappointed that we will not be able to hear from Mr. Bankman-Fried tomorrow, we remain committed to getting to the bottom of what happened, and the Committee looks forward to beginning our investigation by hearing from Mr. John Ray III tomorrow," she said in a statement Monday night.
Ray III, FTX's current CEO, had some harsh words for Bankman-Fried in his prepared testimony.
He wrote that FTX's collapse "appears to stem from the absolute concentration of control in the hands of a very small group of grossly inexperienced and unsophisticated individuals who failed to implement virtually any of the systems or controls that are necessary for a company that is entrusted with other people's money or assets."
FTX is currently in Chapter 11 in Delaware, where a bankruptcy court will help the parties figure out how to pursue recoveries for the vast base of creditors in the case.
You can follow along with the House hearing below, which is expected to kick off at 10 a.m. Eastern.