I will testify before the United States Congress, says Sam Bankman-Fried

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I will testify before the United States Congress, says Sam Bankman-Fried

By Hassan Maishera - min read
  • The US House Financial Services Committee has invited Sam Bankman-Fried (SBF) to appear before it next week for the FTX hearing.

  • SBF said he would testify before the US Congress.

  • However, SBF would only appear before the committee after reviewing the collapse of his FTX exchange.

SBF gets an invite from the US Congress

The US House Financial Services Committee informed former FTX CEO, Sam Bankman-Fried, that he should appear at its hearing on December 13th, 2022. 

However, SBF declined the invitation, adding that he would eventually appear before the committee, but he has to review FTX’s collapse before he does so. He said;

“Rep. Waters, and the House Committee on Financial Services: Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain. I’m not sure that will happen by the 13th.  But when it does, I will testify.”

SBF’s tweet is in reply to Maxine Waters, the Democratic congresswoman who heads the committee. She invited Bankman-Fried to appear at a hearing scheduled to examine FTX’s collapse.

SBF said he didn’t intend to hurt people

This latest development comes a few days after he denied allegations that he wanted to hurt people. In an interview last week, SBF said a lot of people were hurt by FTX’s collapse, and that is on him. At the time, he said;

“I really, deeply wish that I had taken a lot more responsibility for understanding what the details were of what was going on. I should have been on top of this, and I feel really, really bad and regretful that I wasn’t. A lot of people got hurt. And that’s on me.”

Despite his remorse, some experts within the crypto industry are calling for his arrest. Mike Novogratz, the CEO of Galaxy Digital, said SBF needs to go to jail for what he did with FTX. Novogratz said;

“It was delusional. Let’s be really clear. Sam was delusional about what happened and his culpability in it. There is a lot of narcissism there, but seeing a psychiatrist isn’t going to help. He needs to be prosecuted. He will spend time in jail. They perpetuated a large fraud. And it wasn’t just Sam. You don’t pull this off with one person.”

The FTX bankruptcy proceedings are still ongoing after the company filed for bankruptcy roughly a month ago.