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By Mehnaz Yasmin and Kanishka Singh
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FTX’s Sam Bankman-Fried is set to testify before a U.S. House committee on Tuesday, the cryptocurrency exchange’s founder and the congressional panel said on Friday, as regulators investigate his role in the wake of its collapse. The chair of the House of Representatives Committee on Financial Services, Maxine Waters, told Reuters on Thursday that she was prepared to subpoena Bankman-Fried if he did not agree to appear before the panel, which is holding a hearing as part of its probe into FTX.
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In a statement late on Friday, the panel said it would hear from newly appointed FTX CEO John Ray and from Bankman-Fried, FTX’s founder and former CEO, on Tuesday.
“I still do not have access to much of my data — professional or personal. So there is a limit to what I will be able to say, and I won’t be as helpful as I’d like,” Bankman-Fried said on Friday on Twitter. “But as the committee still thinks it would be useful, I am willing to testify on the 13th,” he added.
The hybrid hearing is scheduled for 10 a.m. ET (1500 GMT) on Tuesday, the committee said.
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Filed under: Alternative Investments, Experts Invited, Glossary Terms, Health Economics, Information Technology, Interviews, Investing | Tagged: Bankman, Bankman-Fried, Bankman-Fried FTX, FTX, Kanishka Singh, Mehnaz Yasmin, testify |
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FTX Review
John J. Ray III, the new CEO tasked with finding money for FTX’s customers—who also oversaw the unwinding of Enron—gave the WSJ some insight into what makes him tick after he testified before Congress this week about why the crypto exchange imploded like a supernova (mostly “plain old embezzlement,” in Ray’s view). Ray also shared his opinion that working with a team to complete a complex corporate bankruptcy is “the ultimate human bonding experience.” The $1,300-per-hour fee he charges probably doesn’t hurt either.
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Caroline Ellison, the 28-year-old former CEO of Alameda, pleaded guilty for her role in the massive grift this week, attempting to minimize her punishment in exchange for her full cooperation with SBF’s prosecutors. She admitted she knew customer funds from FTX were being invested into Alameda to prop up its books. And the estimated amount is egregious: FTX owes creditors $8 billion and has lent as much as $10 billion to Alameda, per the NYT.
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