The FTX saga continues to cast a long shadow, with US Senators Elizabeth Warren (D-MA) and Charles Grassley (R-IA) turning up the heat on Commodity Futures Trading Commission (CFTC) Chair Rostin Benham. Their demand? A complete breakdown of his interactions with Sam Bankman-Fried, the disgraced founder of FTX, before the crypto exchange's spectacular collapse.

Senators Want Answers: Was There a Revolving Door Between CFTC and FTX?

In a scathing letter to Benham, Warren and Grassley paint a picture of potential regulatory capture. They're demanding a detailed record of all meetings, calls, and written communication between Benham and Bankman-Fried, or their respective staff members. Their request goes even further, seeking a complete log of any conversations involving Benham or CFTC employees about Bankman-Fried, FTX, Alameda Research (a crypto hedge fund with close ties to FTX), or any other FTX executives.

Adding fuel to the fire, the Senators want a clear timeline of the CFTC's awareness of the alleged crypto "scheme" orchestrated by Bankman-Fried and his associates. This includes the period leading up to FTX's downfall.

Benham's past statements haven't exactly inspired confidence. During a Senate Agriculture Committee hearing last November, he admitted to meeting with Bankman-Fried a staggering 10 times over just 14 months. He also confessed to exchanging "a number" of messages with the former "crypto king."

FTX Founder Faces Stiff Sentence, But Questions Remain

While Bankman-Fried is currently cooling his heels in a federal prison cell after receiving a 25-year sentence, many questions linger. His punishment, however hefty, does little to recover the estimated $8 billion in customer funds that vanished into thin air, allegedly used for everything from real estate purchases to political donations.

"This punishment, while appropriate," the Senators' letter states, "provided cold comfort for his victims." They emphasize the need for robust oversight to prevent similar catastrophes in the future.

Did Donations Buy Influence?

This latest inquiry by Warren and Grassley echoes a similar one made by Senator Josh Hawley (R-MO) last November. Hawley demanded communication records between the CFTC, SEC, and top Democratic Party officials, specifically regarding their interactions with Bankman-Fried.

Bankman-Fried's reputation for "schmoozing" regulators, including SEC Chair Gary Gensler, has drawn heavy criticism. Allegations suggest he attempted to curry favor with regulators through generous donations, potentially influencing their oversight of FTX.

However, these efforts appear to have backfired spectacularly. Leaked private messages revealed Bankman-Fried's true feelings towards regulators, with quotes like "f-ck regulators" showcasing a blatant disregard for the very entities he was supposedly cozying up to.

Despite his recent appeal, the mountain of evidence against Bankman-Fried suggests an uphill battle for the former crypto wunderkind. This renewed scrutiny from US lawmakers, however, underscores the ongoing quest to expose any potential ties between government officials and the man behind one of the biggest crypto scandals in recent history.