Bankman-Fried to Testify on Dec 14th

T

he Senate committee has called upon Sam Bankman-Fried to testify the day after he's already been scheduled to appear before the House of Representatives. They hope to hold him accountable for what they see as the failure of FTX and Alameda.

The U.S. Senate Banking Committee wants Sam Bankman-Fried to testify on the collapse of his crypto exchange, FTX and linked trading firm, Alameda Research. 

Senate Banking Committee Chair Sherrod Brown, D-Ohio a letter reads... "As the Founder and CEO of FTX Trading Ltd. at the time of its collapse and the founder, principal owner, and former CEO of Alameda Research, you must answer for the failure of both entities that was caused, at least in part, by the clear misuse of client funds and wiped out billions of dollars owed to over a million creditors." 

"Traditionally, witnesses who are invited to appear before the Committee make themselves available voluntarily," the letter continues. "If you chose not to appear, I am prepared, along with Ranking Member Pat Toomey, to issue a subpoena to compel your testimony."

Brown has given Bankman-Fried until 5 p.m. EST on Thursday, Dec. 8 to decide whether to appear voluntarily or face a congressional subpoena and potential referral for contempt of Congress if he fails to cooperate.

Jonathan

An editor at Coincrop

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Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.