House of Representatives Financial Services Chairman Waters has no plans to summon Sam Bankman-Fried to appear in court to testify at the hearing on the collapse of FTX.
House of Representatives Won’t Call Sam Bankman-Fried to Testify
House Financial Services Committee Chair Maxine Waters told Democrats that she does not plan to sue former FTX CEO Sam Bankman-Fried to testify at Tuesday’s session about the rapid collapse of the crypto exchange.
It is learned that Waters informed the committee members of his decision on Tuesday at a private meeting with Securities and Exchange Commission Chairman Gary Gensler on Capitol Hill.
Those present at the meeting quoted Waters as saying that he had asked committee staff to persuade Bankman-Fried to voluntarily testify.
It was announced late Wednesday that Bankman-Fried had not yet agreed to voluntarily testify before the House committee.
Waters will lose the presidency when Republicans take control of the House of Representatives on January 3.
If the founder of FTX voluntarily refuses to testify next week, he may delegate the decision of whether to sue Bankman-Fried at the next congressional hearing to Representative Patrick McHenry, the panel’s top Republican and possibly next chairman.
Bankman-Fried, cryptocurrency It’s been under scrutiny by federal investigators and lawmakers on Capitol Hill since the stock market crashed last month, bringing to light a string of suspicious transactions.
Senate Banking Committee Chair Sherrod Brown, D-Ohio, announced that his committee will hold a hearing on the collapse of FTX on Dec. But unlike the House of Representatives, the Senate Banking Committee announced on December 14 that it had summoned the SBF to testify.
The company’s collapse came after FTX transferred billions of dollars in client funds to Bankman-Fried’s trading firm Alameda Research.
He tweeted his reply to Bankman-Fried Waters, saying he thought it was his “duty” to explain what had happened, if not next week.
FTX’s new CEO, John Jay Ray III, is scheduled to testify in the House of Representatives next week.
*Not investment advice.
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