Sam Bankman-Fried, the former CEO of FTX (the crypto exchange that collapsed and filed for bankruptcy in November this year), has confirmed his willingness to testify facing the House Committee on Financial Services in Washington D.C. on the 13th of December this year, as disclosed by him on his official Twitter account. Nonetheless, the FTX founder mentioned that he does not have access to a substantial amount of professional and personal data currently.
Bankman-Fried Agrees to Offer His Testimony before the Congressional Committee
As per Sam Bankman-Fried (SBF), if he is invited to testify then the feedback from him would be inadequate. SBF made these remarks while responding to the Twitter post of Maxine Water (a US representative as well as the chairperson of the House Committee on Financial Services). In her tweet, Waters invited SBF to the committee’s hearing to testify.
She persuaded the FTX founder as he has been frequently appearing on media outlets to disprove the fraud-related allegations raised against the crypto exchange after its collapse. Initially, SBF asserted that he would not be able to attend the hearing because he was busy getting knowledge regarding what took place on the crypto exchange. However, Waters persuaded him by saying that the things mentioned by him in his interviews would be sufficient to testify.
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Even then he justified his stance by saying that he did not have sufficient time to meet the demand. After that, on the 9th of December, he shared a change of plans on which Waters reiterated that the information expressed by him during his public appearances would be enough for his testimony as the CEO of FTX. Although Bankman-Fried is facing accusations dealing with scams, he has repeatedly denied them, maintaining his innocence.
While confirming his testimony, Bankman-Fried specified the things on which he would be able to make remarks during the respective hearing. As per him, these subjects take into account the solvency of FTX US and American consumers, the methods with which the value could be returned to the consumers across the globe, as well as the things that he considers have been responsible for the collapse of the exchange along with his failings.
The FTX founder moved on to elaborate that he had thought himself to be a perfect CEO who would not turn disconnected or lazy. Nonetheless, he added, this made him considerably destructive. He then apologized for what happened at FTX. According to SBF, people can compare what he really did and what he could have done instead.
Formerly, when Bankman-Fried made excuses for not appearing in front of the committee, the policymakers responded by saying that they were ready to issue a summon for him in case he dishonors the invitations.
SBF Denies Allegations of His Involvement LUNA Crash
He was previously accused on Twitter in May of being responsible for the collapse of LUNA. Su Zhu of 3AC conversed with SBF on Twitter in this regard. Zhu additionally the trading positions of 3AC were disturbed by Bankman-Fried via his crypto exchange FTX.
Based on the respective allegations, investigations were launched by the federal prosecutors against the FTX founder to discover if he was responsible for that incident through market manipulation. But, SBF denied the claims of Su Zhu and asserted that several huge mistakes had been done by him however he was not to be credited for the charges raised against him.