House lawmakers call Sam Bankman-Fried, other executives, to testify at hearing on FTX collapse

CEO of FTX Sam Bankman-Fried testifies during a hearing before the House Financial Services Committee at Rayburn House Office Building on Capitol Hill December 8, 2021 in Washington, DC.

FTX founder Sam Bankman-Fried and other executives are going to be called to testify at a hearing in December.

A rare bipartisan hearing is being held by the House Financial Services Committee. They plan to bring in executives from other companies to testify.

Waters said in a statement that the fall of FTX has posed tremendous harm to over one million users, many of whom were everyday people who invested their hard-earned savings into the FTX currency exchange. This event is one of many examples of the collapse of cryptocurrencies.

FTX filed for Chapter 11 protection on Friday along with 130 affiliated companies, including Bankman-Fried's Alameda Research and FTX.us, the company's US subsidiary. Bankman- Fried stepped down as the company's CEO.

In a matter of days, FTX went from a $32 billion company to a bankrupt one. Bankman- Fried admitted last week that he had done something.

There is no sugar on it. A dumpster has caught fire. The users were left to dry. Speaking at an unrelated hearing, McHenry said that the system was in limbo.

CNBC contributed to the article.