House Finance Chair Rep. Maxine Waters has no plans to subpoena Sam Bankman-Fried over FTX collapse: report

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FTX CEO Sam Bankman-Fried is not expected to be subpoenaed to testify at a hearing next Tuesday about the dive bomb his crypto exchange experienced last month, reports said.

CNBC reported Wednesday that House Financial Services Committee chair Maxine Waters told Democrats she has no plans to subpoena Bankman-Fried, during a private meeting Tuesday with Gary Gensler, the chairman of the Securities and Exchange Commission.

House Financial Services Chair Maxine Waters (D-Calif.) said Friday she wants FTX founder Sam Bankman-Fried to testify at the panel’s December 13 hearing on the cryptocurrency’s collapse (Getty Images / Getty Images)

Those with knowledge of the conversation declined to be named, according to the report, but said Waters wants to see if the committee can get Bankman-Fried to testify alone.

EX-FTX BOSS SAM BANKMAN-FRIED ADMITS HE SHOULD HAVE DONE MORE STRESS TESTING FOR CRYPTO FIRM’S IMPACT

Bankman-Fried is facing a barrage of legal repercussions for his involvement in the collapse of FTX, which led him to file for bankruptcy in November.

A full-blown liquidity crisis forced FTX to file for bankruptcy, and Bankman-Fried’s net worth, valued at $15.6 billion just prior to filing, plummeted to the point where the Bloomberg Billionaires Index estimated him to be devoid of material wealth.

A photo of Sam Bankman-Fried

Sam Bankman-Fried, co-founder and chief executive officer of FTX, in Hong Kong, China, on Tuesday, May 11, 2021. FTX, the digital asset trading platform launched by Bankman-Fried two years ago, said it was handling enough volume last month to make one (Photographer: Lam Yik/Bloomberg via Getty Images/Getty Images)

He became a billionaire after creating FTX, as well as a subject of media fascination. Bankman-Fried was also a philanthropist, donating to charities dealing with issues such as pandemics and climate change, along with donations to Democrats and Liberal PACs.

MAXINE WATERS PRAISE FTX FOUNDER BANKMAN-FRIED FOR ‘PUBLIC’ INTERVIEWS AFTER BILLIONS MISSING

With those donations, he became a major player in Washington.

Waters, a Democrat, will lose her position as committee leader on January 3, 2023, when Republicans take control of the House of Representatives.

Once that power passes to Rep. Patrick McHenry, it is up to him to decide whether to subpoena Bankman-Fried to testify at the next hearing if he refuses to do so alone.

SAM BANKMAN-FRIED SAYS HE WILL TESTIMONY FOR HOUSE WHEN HE ‘FINISHES LEARNING AND REVIEWING WHAT HAPPENED’

CNBC reported that Waters has invited FTX’s CEO to voluntarily testify, though she has the option to change her mind and subpoena him before Tuesday.

Waters told Bankman-Fried in a series of tweets that the information he has as CEO is sufficient for testimony, and would not only be “meaningful” to members of Congress, but also “critical” to the American people.

“When I have finished learning and reviewing what happened, I would consider it my duty to appear before the committee and explain,” Bankman-Fried replied. “I’m not sure if that will happen on the 13th, but when it does, I’ll testify.”

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The Valley Voice
The Valley Voicehttp://thevalleyvoice.org
Christopher Brito is a social media producer and trending writer for The Valley Voice, with a focus on sports and stories related to race and culture.

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