The co-founder of collapsed crypto alternate FTX, Sam Bankman-Fried (SBF), has agreed to testify at one of many two congressional hearings set for subsequent week. “I had considered myself as a mannequin CEO, who wouldn’t change into lazy or disconnected,” Bankman-Fried claimed.
Sam Bankman-Fried to Testify Earlier than Congress
Former FTX CEO Sam Bankman-Fried (SBF) has agreed to testify earlier than the Home Committee on Monetary Providers after the committee’s chair, Congresswoman Maxine Waters, politely tweeted inviting him to testify a number of occasions.
“I nonetheless shouldn’t have entry to a lot of my information — skilled or private. So there’s a restrict to what I will say, and I received’t be as useful as I’d like. However because the committee nonetheless thinks it might be helpful, I’m keen to testify on the thirteenth,” Bankman-Fried tweeted to Rep. Waters Friday.
“I’ll attempt to be useful throughout the listening to, and to shed what gentle I can on FTX US’s solvency and American prospects, pathways that would return worth to customers internationally, what I believe led to the crash, [and] my very own failings,” he detailed in a follow-up tweet, elaborating:
I had considered myself as a mannequin CEO, who wouldn’t change into lazy or disconnected, which made it that rather more harmful after I did. I’m sorry. Hopefully individuals can study from the distinction between who I used to be and who I might have been.

One other congressional listening to is about for Wednesday, Dec. 14. U.S. Senator Sherrod Brown (D-Ohio), chair of the Committee on Banking, Housing, and City Affairs, despatched a letter to Bankman-Fried final week requesting him to testify. On the time of writing, the previous FTX CEO has not agreed to testify earlier than the Senate committee.
FTX filed for chapter on Nov. 11 and Bankman-Fried stepped down because the CEO. The corporate is now being investigated for numerous fees, together with mishandling buyer funds. FTX’s new CEO, John Ray, informed the chapter courtroom: “By no means in my profession have I seen such an entire failure of company controls and such an entire absence of reliable monetary info as occurred right here.”
What do you consider SBF agreeing to testify earlier than the Home Committee on Monetary Providers? Tell us within the feedback part beneath.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source techniques, community results and the intersection between economics and cryptography.

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