FTX's Current CEO Blasts Bankman-Fried on Capitol Hill

The transcript discusses the FTX bankruptcy, highlighting CEO John Ray's concerns about the paperless nature of the process and the lack of trust in the paper trail. It covers the potential for significant investor losses, regulatory questions, and the challenges of asset recovery. The contagion effect on other exchanges, particularly Binance, is examined, along with customer fears and stable coin issues. The Congressional hearing's focus on past events and frustration over the absence of Sam Bankman-Fried's testimony are also noted.

What did FTX CEO John Ray express skepticism about during the bankruptcy proceedings?

• The role of digital assets

• The effectiveness of regulations

• The involvement of Bernie Madoff

• The reliability of the paper trail

According to the transcript, what makes it challenging to recoup all lost funds in the FTX case?

• The complex structure of the firm

• The involvement of multiple stakeholders

• The lack of international cooperation

• The absence of legal frameworks

What aspect of the FTX case did the SEC complaint highlight?

• The company's marketing strategies

• The commingling of funds

• The expansion into new markets

• The hiring of new executives

What was a significant concern regarding the crypto industry following the FTX collapse?

• The rise of new exchanges

• The concentration of the industry

• The decline in cryptocurrency value

• The increase in regulatory measures

What was the reaction of the Congressional committee to Sam Bankman-Fried's absence?

• They were relieved

• They were frustrated

• They were indifferent

• They were supportive