The House Committee on Financial Services is holding a hearing tomorrow at 10am ET entitled "Oversight of the Securities and Exchange Commission", where SEC Chairman Gary Gensler will be the only witness.

I will livetoot it (with the tag #FTXhearing for anyone who wants to mute). A little more background... 🧵

https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=408689

Debtors are having him go into substantial detail about his past experience overseeing the bankruptcies of Fruit of the Loom, Enron, Nortel, etc. etc.

#FTXhearing

John J. Ray III now being sworn in to testify. Ray is the CEO of FTX, and was appointed to oversee the bankruptcy when SBF stepped down.

#FTXhearing

Judge is not allowing the examiners' reports to be admitted for several reasons (timeliness, relevance, etc.)

Doesn't seem like a big deal — debtors seemed to primarily want them admitted as exhibits solely to establish they existed, which is not in question.

#FTXhearing

US Trustee has objected to a 3800+ page filing made on Friday by the debtors, which consists of the examiners' reports in Enron and Residential Capital.

#FTXhearing

Now debtors are arguing that an independent examiner "even looking at the code" would put FTX's cybersecurity at risk.

🤔

#FTXhearing

FTX debtors are arguing that the US Trustee has been repeatedly overstepping in this case.

#FTXhearing

FTX debtors argue that, in the portion of the law that states that "the court shall order the appointment of an examiner ... as is appropriate", "as is appropriate" should be interpreted also as "if it is appropriate".

I'm on the edge of my seat.

#FTXhearing

Beginning now. US Trustee is arguing that the appointment of an examiner is actually mandatory here.

#FTXhearing

Needless to say, I'm hoping the examiner will be approved.

#FTXhearing

with the goals of a neutral examiner tasked with investigating wrongdoing.
2/2

#FTXhearing

The appointment was proposed by the US Trustee, and they are joined by a whole host of state regulators who support the move. The debtors (FTX under new leadership of John J. Ray III) and the Official Committee of Unsecured Creditors oppose.

#FTXhearing

Starting soon: a hearing in the FTX bankruptcy over whether to appoint an independent examiner to review the circumstances of the FTX collapse.

#FTXhearing

#FTXcollapse #FTX #FTXHearing

破綻したFTXの元経営者SBFの公聴会を @molly0xfff がマストドンで実況するとのこと。
ハッシュタグは #FtxHearing

初期のTwitterの感じですね。
ハッシュタグで追えるのが新しい。

https://hachyderm.io/@molly0xfff/109512631137802791

General appreciation post for @molly0xfff's coverage of the #FTXHearing the last couple of days. I wasn't able to watch, but catching up with her live tooting has been a great way to catch up.

Thank you Molly.

Remember what the ENRON floor traders saying about 'little old ladies freezing (lol)? Like that, but Crypto Scam style, and not even a bad investment in Central Asian gas fields depending on the UNOCAL pipine through Afghanistan that never got built asan excuse for playing fast and loose with Other People's Money https://hachyderm.io/@molly0xfff/109513090802252443 #FTXHearing @molly0xfff

#FTXHearing, or how to throw economy and tech buzzword at old white men.

And with that, the hearing is over.

#FTXhearing

Sen. Brown talks about "regulatory clarity", asks if crypto platforms could even
comply with regulations if that had the clarity.

Allen says no.

#FTXhearing