Disgraced FTX founder Sam Bankman-Fried has formally been added as a witness for this week’s Congressional listening to on the crypto trade’s disintegration.
In response to a brand new authorities memo, the previous chief government of the bankrupt crypto agency is being referred to as forth to testify as a witness in entrance of the Home of Representatives Committee of Monetary Providers at 10 a.m. (EST) on December thirteenth.
Additionally being referred to as as a witness is John J. Ray III, who took over as CEO of FTX final month after Bankman-Fried resigned.
Ray will testify earlier than Bankman-Fried, who’s accused of mishandling buyer funds by loaning them out to his different corporations, failing to correctly handle danger, and market manipulation.
Earlier this week, Democratic Congresswoman Maxine Waters, the top of the Committee on Monetary Providers, urged Bankman-Fried to attend the listening to.
“Primarily based in your function as CEO and your media interviews over the previous few weeks, it’s clear to us that the data you could have to date is adequate for testimony.
As you understand, the collapse of FTX has harmed over a million folks. Your testimony wouldn’t solely be significant to Members of Congress, however can be essential to the American folks.
It’s crucial that you just attend our listening to on the thirteenth, and we’re prepared to schedule continued hearings if there’s extra data to be shared later.”
Nonetheless, Bankman-Fried says he might be limited in what he can say throughout his testimony as a result of not gaining access to the mandatory information.
“I nonetheless do not need entry to a lot of my information – skilled or private. So there’s a restrict to what I will say, and I received’t be as useful as I’d like. However because the Committee nonetheless thinks it might be helpful, I’m prepared to testify on the thirteenth.”
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Featured Picture: Shutterstock/terng99/Nikelser Kate