Sam Bankman-Fried Agrees To Testify Before Congress:


Assessment: $40 million in donations to Democrats with a promise of up to 1 billion more made Sam and Maxine BFF’s. Prosecution? Don’t be ridiculous ….

Former FTX CEO Sam Bankman-Fried agreed on Friday to testify before the House Financial Services Committee next week.

FTX filed for bankruptcy last month after users discovered that the cryptocurrency exchange was likely fraudulently intertwined with Alameda Research; both were controlled by Bankman-Fried and a close-knit group of amateur executives. The disgraced entrepreneur announced his intention to appear before lawmakers on December 13 during a social media exchange with House Financial Services Committee Chairwoman Maxine Waters (D-CA).

Will FTX's Sam Bankman-Fried's donations to Republicans ever be revealed? Group files complaint with FEC - Must Read Alaska

“I still do not have access to much of my data — professional or personal. So there is a limit to what I will be able to say, and I won’t be as helpful as I’d like,” he remarked. “But as the committee still thinks it would be useful, I am willing to testify.”

Bankman-Fried expressed willingness to discuss solvency for customers with funds in FTX US, what he believes led to the liquidity crisis, and his “own failings.”

“I had thought of myself as a model CEO, who wouldn’t become lazy or disconnected,” he added. “Which made it that much more destructive when I did. I’m sorry. Hopefully people can learn from the difference between who I was and who I could have been.”

The now-broke entrepreneur was initially hesitant to appear before lawmakers, as he claimed that he first needed to finish “learning and reviewing what happened.” Waters had been criticized for being extraordinarily polite in her invitation to Bankman-Fried; she told the would-be cryptocurrency wunderkind, who may have lost untold billions in customers’ funds, that lawmakers “appreciate that you’ve been candid in your discussions about what happened.” 

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