Bankman-Fried Puts Off House Testimony on FTX

The now disgraced founder of FTX has been on a media blitz, but said he would appear before a House committee hearing only after he’s got all his facts straight

article-image

FTX’s Sam Bankman-Fried | Blockworks exclusive art by Axel Rangel

share

Former FTX CEO and founder Sam Bankman-Fried (SBF) said Sunday he would be willing to testify before congress, but only once he has “finished learning” about the implosion of his crypto empire.

SBF was asked by chairwoman of the House Financial Services Committee, Maxine Waters, to attend a hearing on Dec. 13 to explain his side of events. 

Appearing before congress would likely ratchet up pressure against the former FTX CEO and increase the spotlight on exactly what occurred over that past month and how the exchange was able to fall apart so quickly.

“We appreciate that you’ve been candid in your discussions about what happened at FTX,” Waters tweeted at Bankman-Fried on Friday. Waters added that his willingness to speak up will help affected stakeholders, including customers whose digital assets remain locked on the platform.

The representative for California’s 43rd congressional district was criticized by some in the crypto community for appearing servile and obsequious. Congressional relationships with Bankman-Fried were often friendly, and his willingness to engage with elected officials has been painted as an attempt to regulate the industry in a manner that would have been friendly to his failed exchange.

Bankman-Fried’s relationships with politicians have been under scrutiny since he made substantial donations to specific members of the Democratic Party. Bankman-Fried claims to have made similar donations to the Republican Party, but to have avoided publicizing them.

Loading Tweet..

In a tweeted response to Waters’ request, Bankman-Fried said he would head to Washington DC only when he was ready, and following a review of events.

The refusal to testify voluntarily comes despite Bankman-Fried’s multiple mainstream media interviews which he used to deflect some of the heat over his role in FTX’s implosion, including with CNBC and ABC News last week.

Both interviews have been criticized for their softball approach to questions over Bankman-Fried’s role in the commingling of customer funds with Alameda — estimated to have blown an $8 billion hole in FTX’s balance sheet.

Loading Tweet..

It’s not known whether this postponement is a result of legal advice SBF has received, or if house members will seek to compel his testimony.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

AERODROME TEMPLATE.png

Research

Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495M in value locked, doubling Uniswap's Base deployment.

article-image

Scientific reputation should be determined by a decentralized community of scientists, not the validation of higher institutions

article-image

Paxos is getting off scot-free after the SEC said it wouldn’t pursue legal action against the company

article-image

The Srcful partnership is part of a broader plan to onboard Helium “subnetworks”

article-image

Plus, a look into US spot BTC funds six months into trading

article-image

A Swedish energy-focused project named Srcful proposed to become a Helium subnetwork with its own ENERGY token

article-image

Securitize CEO Carlos Domingo thinks BUIDL will potentially hit its next $500 million milestone in just a few months