New FTX CEO testifies before US Congress after founder charged for alleged fraud | LIVE

John J. Ray III, the chief executive officer of FTX Group, is expected to testify Tuesday before the U.S. House of Representatives Financial Services Committee following the collapse last month of the crypto exchange platform. This week, the former CEO, Sam Bankman-Fried, was charged with orchestrating a scheme to defraud investors the U.S. Securities and Exchange Commission. It alleged he raised more than US$1.8 billion from equity investors since May 2019 by promoting FTX as a safe, responsible platform for trading crypto assets. Bankman-Fried was arrested Monday in the Bahamas at the request of the U.S. government, U.S. and Bahamian authorities said. He was expected to testify Tuesday before his arrest and Chair Maxine Waters expressed her disappointment that the public would not get to see Bankman-Fried testify under oath. FTX, which had been among the world’s largest cryptocurrency exchanges, filed for bankruptcy protection on Nov. 11 in one of the highest-profile crypt