Per The Block:

Binance’s role in the sudden collapse of FTX, an event that sent reverberations around crypto markets, has come under congressional scrutiny, a senior House Republican confirmed to The Block.

“This is serious. I think that this is a major event,” Rep. Patrick McHenry, R-N.C., told The Block while acknowledging that Binance’s role in the sudden meltdown will be one of the focuses of a December hearing announced this morning.

The North Carolina Republican — the likely next chairman of the House Financial Services Committee — referred to a widely circulated internet meme that used footage from television show "The Office" to highlight the role public comments made by Binance CEO Changpeng "CZ" Zhao played in FTX’s sharp decline.

FTX filed for Chapter 11 bankruptcy protection on Nov. 11.

In separate remarks to reporters, McHenry demurred as to whether former FTX CEO Sam Bankman-Fried has agreed to appear at the hearing, or if the embattled crypto mogul would be subpoenaed.

“The first step is a bipartisan call for a hearing,” the current ranking member of the House Financial Services Committee said. “We’re certainly going to prioritize this next Congress.”