Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.
FTX Co-Founder Sam Bankman-Fried Agrees to Testify Before US Congress – Regulation Bitcoin News
The co-founder of the collapsed crypto exchange FTX, Sam Bankman-Fried (SBF), has agreed to testify at one of the two congressional hearings set for next week. “I had thought of myself as a model boss, who wouldn’t be lazy or disconnected,” Bankman-Fried claimed.
Sam Bankman-Fried will testify before Congress
Former FTX CEO Sam Bankman-Fried (SBF) has agreed to testify before the House Committee on Financial Services after the committee’s chair, Congresswoman Maxine Waters, politely tweeted inviting him to testify several times.
“I still don’t have access to a lot of my data – professional or personal. So there’s a limit to what I can say and I won’t be as helpful as I’d like. But since the committee still believes it would be helpful, I am willing to testify on the 13th,” Bankman-Fried tweeted to Rep. Waters Friday.
“I will try to be helpful during the hearing, and to shed any light I can on FTX US’s solidity and American customers, avenues that can return value to users internationally, what I believe led to the crash, [and] my own mistakes,” he elaborated in a follow-up tweet, elaborating:
I had thought of myself as a model boss, who wouldn’t be lazy or disconnected, which made it that much more devastating when I did. Sorry. Hopefully people can learn from the difference between who I was and who I could have been.
Another congressional hearing is set for Wednesday, December 14. U.S. Sen. Sherrod Brown (D-Ohio), chairman of the Banking, Housing and Urban Affairs Committee, sent a letter to Bankman-Fried last week asking him to testify. At the time of writing, the former FTX boss has not agreed to testify before the Senate committee.
FTX filed for bankruptcy on November 11 and Bankman-Fried resigned as CEO. The company is now being investigated for various matters, including mishandling of customer funds. FTX’s new CEO, John Ray, told the bankruptcy court, “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of reliable financial information as occurred here.”
What do you think about SBF agreeing to testify before the House Committee on Financial Services? Let us know in the comments section below.
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