US senators demanded that the head of the CFTC talk about his connections with Bankman-Fried

US senators have demanded that Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam provide a report regarding his communications with the founder of the collapsed FTX exchange, Sam Bankman-Fried (SBF).

Politicians Elizabeth Warren and Chuck Grassley intend to find out the nature of the relationship between a government employee and a recently convicted entrepreneur. They want to make sure that the head of the department did not violate job descriptions and did not go beyond the scope of his powers.

The letter to the CFTC states that although Sam Bankman-Fried was sentenced to 25 years in prison, US authorities must clarify all the circumstances of the crime committed.

In 2022, Rostin Behnam testified before the Senate Agriculture Committee. He then stated that he had met with the FTX founder ten times over the past 14 months. In addition, the head of the CFTC acknowledged the exchange of messages with Sam Bankman-Fried, but did not disclose their content.

Now senators want to find out all the details of this relationship. By April 29, 2024, Behnam is required to provide records of meetings, phone calls and details of correspondence with the convicted entrepreneur.

It is worth noting that Bankman-Fried's lawyers have filed an appeal to appeal the verdict. The news comes two weeks after SBF was found guilty of seven counts of fraud and conspiracy to launder money. He was sentenced to 25 years in prison and ordered to pay a fine of $11 billion.

The entrepreneur himself, after the court decision was announced, expressed remorse. He also noted that the insolvency of the exchange was the result of wrong decisions made in 2022. SBF said it could have paid customers after the company went bankrupt, but chose not to.