‘We can’t regulate this out of existence’: Senate Agriculture Committee grills CFTC chair on FTX collapse

(Credit: Chip Somodevilla—Getty Images)

For over two hours on Thursday, the Senate Agriculture Committee pressed U.S. Commodity Futures Trading Commission Chair Rostin Behnam on the rapid crumbling of FTX, which Chairwoman Debbie Stabenow (D-Mich.) attributed to an “alarming lack of internal controls and egregious governance failures.”

Both the CFTC and the Senate Agriculture Committee have been at the front of crypto regulation thanks to a bill introduced earlier this year by Stabenow and ranking member Sen. John Boozman (R-Ark.), championed by FTX founder Sam Bankman-Fried, which would empower the CFTC with increased funding and oversight over the crypto industry.