SBF Open Ups With His Unwillingness to Appear Before the US Committee

• According to SBF, , it is his “responsibility to appear before the committee and explain.”
• SBF made his first live public appearance at the DealBook Summit hosted by the New York Times.

Sam Bankman-Fried, the former CEO of FTX, has said he won’t testify before Congress until he’s finished learning and assessing what transpired. U.S. Representative Maxine Waters invited Bankman-Fried to appear at a hearing for the U.S. House Committee on Financial Services on December 13 to investigate “what happened” at FTX in a tweet she made on December 2. Bankman-Fried was reacting to the tweet on December 2.

According to Blockchain Association Head of Policy and U.S. Attorney Jake Chervinsky, Bankman-Fried was hesitant to participate in the hearing on December 13 because “lying to Congress under oath is less enticing.” 

At the DealBook Summit hosted by the New York Times on November 30, Bankman-Fried made his first live public appearance since FTX’s fall and answered questions about what caused the cryptocurrency exchange to fail. Among the many issues he covered were risk management, philanthropy, regulation, and real estate in the Bahamas.

SBF Disapproval by Armstrong

In the meantime, Brian Armstrong the CEO of Coinbase has voiced his disapproval of SBF. Sam Bankman-Fried, the person who created FTX, ought to be in jail right now as per Armstrong. Armstrong further questioned the media’s failure to characterize Bankman-Fried as a criminal. 

Bankman-Fried announced his resignation as CEO of FTX on November 11, the same day the company and its associated trading subsidiary Alameda Research filed for bankruptcy. One of the primary allegations against Bankman-Fried is that he used customer funds from his crypto exchange to support risky bets at Alameda Research.

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