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Move initial disclosure

well thank you very much Mr chairman and thank you panel for your insights uh the restructuring officer John Ray described in detail the absence of order or reliable financial statements uh absolutely no internal controls uh Professor Allen I'd like to ask a few questions about FTX and how they were able to get away with essentially cooking the books for first was FTX a publicly traded company no no as a private company was FCX required by law to disclose basic information to the public about its business like audited financial statements no was FTX required to disclose transactions with related parties like Mr beckon's fees hedge fund called Alameda research no and also Mr O'Leary's example that was not would be required to be redisclosed I was fds required to have a Chief Financial offer or disclose whether a financial expert was on the board of directors no was FDX ordered or required to attest to the effectiveness of the company's internal and corporate controls yeah and if XCX had been a publicly traded company would it have been required to make the disclosures and attest stations that we've just discussed sorry I missed that question if xdx had been a publicly traded company would it have been required to make the disclosures and attestations that we've just discussed yes okay uh thank you very much and and it's just not that FDX is a private company in fact just about all the biggest companies in the crypto industry are also privately held and in September I introduced s4857 the private Market's transparency and accountability Act which would require the nation's biggest private companies including FTX to disclose basic information about their financial condition and comply with basic corporate governance requirements and according to a letter for the North American Securities administrations this legislation and their words would have made it easier for all of us to spot or prevent the alleged fraud and other miscontacts at FTX earlier so Mr chairman I would ask unanimous Kent to include this letter in the record without objection the whole point is that we've all talked about the need for regulation I think that's uh obvious and we have many mechanisms pending here in the Senate and the house to do that we just have to move quickly I would suggest this is a good place to start and um a final question Professor do you do you think that would have helped uh illuminate what was going on at FTX yes I think so I mean attestations and proof of reserves and other forms of accounting disclosures common in the crypto industry they don't include the rigor or the independence and the professional skepticism we get from Auditors but I would note that we should be wary of fazbe's moves to implement fair value accounting for crypto assets because accepting Market valuations from the crypto industry could potentially undermine the value of the audit function and that's something...