UPDATED: Maxine Waters Won’t Subpoena SBF to Testify Over FTX Collapse, But Senate Committee Feels Different

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?

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.

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.

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.

“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.”

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

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

ESGold Outlines $24.3 Million NPV For Tailings Reprocessing Project

First Majestic Encounters 711 g/t Silver Equivalent Over 8.0 Metres In Ongoing Exploration At Los Gatos

Related News

Former FTX Chief Engineer Reportedly Met With US Prosecutors To Help Case Against Sam Bankman-Fried

The four main partners of bankrupt crypto exchange FTX could be up for a reunion,...

Tuesday, January 10, 2023, 02:16:00 PM

Fox Hill Prison: Here’s Where Sam Bankman-Fried Will Be Held Until At Least February 8

Disgraced former FTX CEO Sam Bankman-Fried has been remanded to the Bahamas Department of Correctional...

Wednesday, December 14, 2022, 01:03:00 PM

Crypto Contagion Explained: Who FTX is Taking Down With Them

How bad is the crypto world about to get?  Well, if you haven’t been paying...

Sunday, November 20, 2022, 01:30:00 PM

Another One Bites The FTX Dust: BlockFi To File For Bankruptcy, Cut Jobs

Leaked documents show firm has liabilities around $1 billion – $10 billion and owes the...

Monday, November 28, 2022, 10:29:34 AM

Kevin O’Leary Received $15 MILLION for Being a FTX Spokesperson

Shark Tank judge and crypto connoisseur Kevin O’Leary was paid a whooping $15 million to...

Thursday, December 8, 2022, 02:46:19 PM