Last updated on December 31st, 2022 at 07:04 am
Sam Bankman-Fried (SBF), the former CEO of the FTX crypto exchange, has failed to meet the deadline for confirming his attendance at the US Senate Committee hearings.
The committee hearing is scheduled for December 14, but the former FTX CEO was required to confirm his attendance before then.
On November 11, the exchange filed for Chapter 11 bankruptcy in the United States, leaving millions of customers and investors with substantial losses.
Senators Sherrod Brown, chairman of the Senate Committee on Banking, Housing, and Urban Affairs, and Pat Tommey, a committee member, issued a statement regarding the committee’s request for SBF’s appearance.
They stated:
“FTX collapse has caused real financial harm to consumers, and effects have spilled over into other parts of the crypto industry. The American people need answers about Sam Bankman-Fried’s misconduct at FTX……The committee has requested that he testify to our upcoming hearing on FTX’s collapse, and will consider further action if he doesn’t comply.”
The collapse of FTX drew the attention of lawmakers and financial regulatory bodies as hundreds of millions of dollars were lost, and investor trust was betrayed.
The United House Financial Services Committee had also requested the presence of SBF at a hearing called “Investigating the Collapse of FTX” on December 13. But SBF had politely declined to attend, stating that “he was not sure what would happen on the day of the court hearing, but when it does, he will testify.”
Maxine Waters, the Chairwoman of the Committee, had responded to the CEO’s statement, saying a subpoena is inevitable if he refuses to appear in court voluntarily.
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