FTX CEO John Ray testifies in front of the House Financial Services Committee on Tuesday, hours after former CEO Sam Bankman-Fried was arrested in the Bahamas.

Ray testified on behalf of the company, offering insight into the collapse of the crypto-exchange last month, replacing Bankman-Fried as the committee’s focus in the hearing.

WHAT TO WATCH FOR IN THE FTX HEARINGS FOLLOWING SAM BANKMAN-FRIED’S ARREST

“While I am disappointed that we will not be able to hear from Mr. Bankman-Fried tomorrow, we remain committed to getting to the bottom of what happened, and the Committee looks forward to beginning our investigation by hearing from Mr. John Ray III tomorrow,” committee Chairwoman Maxine Waters (D-CA) said in a statement Monday night.

Ray has overseen some of the largest corporate failures in the history of the United States, including the collapse of Enron, and last month, he revealed his shock at the FTX situation in a filing in federal bankruptcy court.

“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” the new FTX leader said. “From compromised systems integrity and faulty regulatory oversight abroad to the concentration of control in the hands of a very small group of inexperienced, unsophisticated, and potentially compromised individuals, this situation is unprecedented.”

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Bankman-Fried has been charged with defrauding investors, and is expected to be charged by the Southern District of New York with “wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering,” according to the New York Times.

Original Location: WATCH LIVE: FTX CEO John Ray to testify on Capitol Hill hours after Sam Bankman-Fried’s arrest

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