In a shock to those following the FTX collapse saga, it appears that former CEO and political donor Sam Bankman-Fried won’t have to testify over the crypto exchange’s sudden demise, despite running what’s turning out to be one of the biggest ponzi schemes since Bernie Madoff. However, Maxine Waters’ cozy relationship with SBF isn’t being reciprocated amongst other Senate Banking Committee members, two of whom told the disgraced SBF they expect him to appear in person next week.
According to CNBC which cited people familiar with internal discussions, House Financial Services Committee Chair Maxine Waters recently told fellow committee members as well as SEC Chair Gary Gensler that she doesn’t plan on subpoenaing SBF to testify at the forthcoming Congressional hearing regarding the demise of FTX. Instead, Waters told the committee she wants SMB to voluntarily testify under oath come the December 13 meeting.
SBF, for his part, acknowledged Waters’ warm invite, tweeting that he feels it’s his “duty” to explain how it all went down, but not until he’s done “learning and reviewing what happened.” SBF did warn, however, that it might not happen by the 13th, but it’s the thought that counts, right?
Rep. Waters, and the House Committee on Financial Services:
— SBF (@SBF_FTX) December 4, 2022
Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain.
I'm not sure that will happen by the 13th. But when it does, I will testify. https://t.co/c0P8yKlyQt
For those still baffled, SBF continues to be a free man aside from a small slap on the wrist in the Bahamas, despite pulling off one of the largest and most blatant scams in US history. Authorities and regulatory bodies have thus far refrained from holding SBF to account, which may or may not have something to do with his generous donations to the same House Financial Services Committee members supposedly tasked with investigating him.
Rep. Waters, we appreciate that you're holding a hearing on the 13th, and we look forward to substantive factfinding about what happened at FTX. I am certain that factfinding will show that @SBF_FTX has not, in fact, been candid in his discussions. He committed fraud, full stop.
— Jake Chervinsky (@jchervinsky) December 2, 2022
As per the Federal Election Commission records cited by the Washington Free Beacon, FTX allegedly gave nine House Committee members $300,351, with the biggest donations going to the committee’s Digital Assets Working Group, which was tasked with devising regulations of the crypto sector.
CAUGHT: Maxine Waters appears to blow a kiss at FTX’s chief fraudster Sam Bankman-Fried at a Congressional hearing while the cameras were still rolling
— Benny Johnson (@bennyjohnson) November 18, 2022
She’s the one who’s supposed to grill SBF next month?
pic.twitter.com/qxWXuNsyuK
However, shortly after CNBC’s report went viral, Waters seem to have taken offence, insisting it’s a lie that she isn’t willing to subpoena SBF; still the latter sentence in the tweet establishes that she hasn’t done anything about it because a “subpoena is definitely on the table.” Nonetheless, while Waters is still presumably blowing kisses to SBF, at least two prominent Senate Banking Committee members informed the former FTX CEO his presence at next week’s hearing is expected, and should he fail to show up voluntarily, he will, in fact, be subpoenaed.
Lies are circulating @CNBC that I am not willing to subpoena @SBF_FTX. He has been requested to testify at the December 13th hearing. A subpoena is definitely on the table. Stay tuned.
— Maxine Waters (@RepMaxineWaters) December 8, 2022
“FTX’s collapse has caused real financial harm to consumers, and effects have spilled over into other parts of the crypto industry. The American people need answers about Sam Bankman-Fried’s misconduct at FTX,” Senators Sherrod Brown and Pat Toomey said in a statement, as cited by Business Insider. “The Committee has requested that he testify at our upcoming hearing on FTX’s collapse, and will consider further action if he does not comply.”
🚨 BREAKING: Senators Sherrod Brown & Pat Toomey just gave #SBF an ultimatum. They will issue a subpoena to compel him to appear on Dec 14 if he does not volunteer to do so by 5pm on Dec 8. pic.twitter.com/pusV1jrDoV
— WallStreetPro (@wallstreetpro) December 8, 2022
Information for this briefing was found via CNBC, Twitter and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
One Response
HE’S MAKING PLANS TO RUN