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WATCH: Gottheimer questions FTX CEO during House Financial Services Committee hearing

SEC's Failure to Rule-make and Spotty Enforcement Approach Has Failed to Protect Consumers

WASHINGTON, D.C. — U.S. Congressman Josh Gottheimer (NJ-5) Tuesday questioned FTX Group CEO John Ray III during a House Financial Services Committee Hearing on the collapse of FTX.

Gottheimer’s questions for Ray included whether he believed that U.S. financial regulators would have been satisfied with the accounting and risk mitigation practices that were in place at FTX; what U.S. regulators — including the SEC — could have done to protect Americans using FTX; and if Ray believes former FTX CEO Sam Bankman-Fried when he says that all FTX US users will receive “a dollar on the dollar” return of funds at the end of these bankruptcy proceedings.

In response to Gottheimer asking if U.S. users would get their money back, as Bankman-Fried previously stated, Ray said that is “very speculative at this point.”

Jay Edwards

Born and raised in Northwest NJ, Jay has a degree in Communications and has had a life-long interest in local radio and various styles of music. Jay has held numerous jobs over the years such as stunt car driver, bartender, voice-over artist, traffic reporter (award winning), NY Yankee maintenance crewmember and peanut farm worker. His hobbies include mountain climbing, snowmobiling, cooking, performing stand-up comedy and he is an avid squirrel watcher. Jay has been a guest on America’s Morning Headquarters,program on The Weather Channel, and was interviewed by Sam Champion.

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