Dems and Reps unite to press SBF to testify in front of Congress
Maxine Waters, chair of the House Financial Services Committee, addressed SBF. “Your willingness to speak to the public will benefit the company’s customers and investors,” she said. News Collect this piece as NFT. The leadership of the United States House Financial Services Committee has separately called for former FTX CEO Sam Bankman–Fried to appear at an investigative hearing set for Dec. 13. It is unclear if the U.S. lawmakers wanted the former CEO of FTX to appear in person or remotely from Bahamas. Waters said, “[Sam Bankman Fried], we appreciate your honesty in your discussions about the events at FTX.” Your willingness to speak with the public will benefit the company’s investors, customers, and other stakeholders. McHenry stated, “As you stated, Sam Bankman-Fried], you have the duty to try to do what is right’ and ‘help customers out there,'” McHenry. “If this is a true statement then testify before the House Financial Services Committee 12/13.” @SBF_FTX, thank you for being open in your discussions about #FTX. Your willingness to speak with the public will benefit the company’s customers and investors. We would be delighted if you could attend our hearing on December 13th.- Maxine Waters (@RepMaxineWaters). December 2, 2022
In November, the House committee stated that it would be hearing from individuals and companies involved in the downfall FTX. This included Bankman-Fried and Alameda Research. U.S. On Dec. 1, the Senate Agriculture Committee held a similar hearing, questioning Rostin Behnam, chair of the Commodity Futures Trading Commission, about FTX’s demise and its impact on traditional financial markets. Behnam highlighted “gaps” in the federal regulatory framework that could lead to investors losing their funds in another major exchange’s collapse. This could happen without additional authority from the financial regulator. Related: Will Bitcoin be the only crypto to survive FTX? Some Crypto Twitter users pointed out that BankmanFriend had donated millions of US dollars to political candidates during the U.S. midterm elections in 2022. Opensecrets.org data shows that these contributions included $5,000 donations for a political action committee supporting Cindy Axne from Iowa and Josh Gottheimer from New Jersey — both members of House Financial Services Committee. Rep. Rep. I am certain that factfinding would show that @SBF_FTX was not honest in his discussions. He committed fraud, straight up.– Jake Chervinsky. December 2, 2022
Bankman-Fried has been making more media appearances since the bankruptcy of FTX. He repeatedly apologized for the mistakes that led to the collapse of the exchange. According to a Nov. 16 report, officials considered extraditing the former CEO of FTX to the U.S. to question him, but Bankman-Friend was still at the Bahamas at the time.