Former FTX CEO Sam Bankman-Fried and his attorney did not respond to a Senate Banking Committee request to testify or otherwise cooperate in the investigation into failed corporate management.
“Sam Bankman-Fried’s Attorney Has Not Responded By The Specified Deadline
We believe it is important for Bankman-Fried to testify that he is willing to provide transparency and accountability to the American people by testifying,” committee leaders Sens Sherrod Brown, D-Ohio, and Pat Toomey, R-Pa, said in a statement late Thursday.
“We will continue to work to have it appear before Congress, as detailed in Wednesday’s letter.”
In the letter in question, Bankman-Fried is threatened with a subpoena if he does not cooperate and is given until 17:00 today. The Banking Committee has scheduled a session on the subject for next Wednesday.
The embattled crypto boss has given several media interviews detailing his own version of the story since his company collapsed.
But he glossed over an earlier invitation from the House Financial Services Committee, saying he wanted to wait “until we finish finding out and investigating what happened” to the companies he manages and owns.
Subpoenas for testimony are rarely a last resort, partly due to difficulties in their implementation.
If he doesn’t respond to one of these subpoenas, the Justice Department, which is currently investigating the collapse of FTX, will be charged with contempt of Congress.
The current Congress will end soon, and newly elected and re-elected lawmakers will begin a new Congress next month.
However, Brown will continue to chair the Senate committee into the new Congress in January, maintaining the committee’s control over FTX and the Bankman-Fried investigation.
*Not investment advice.
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