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Maxine Waters Urges SBF to Testify Before Congress

Maxine Water – chairwoman of the House Financial Services Committee – is doubling down on requests for Sam Bankman-Fried (SBF) to appear on Capitol Hill. 

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The California representative said it is imperative he testifies before congress on December 13th, despite his hesitation. 

  • On Sunday, SBF responded to Waters’ initial invitation to testify, in the spirit of assisting the now-insolvent FTX’s customers and investors.
  • The former CEO said he would testify once he felt he had a firm understanding of what happened at FTX. However, he wasn’t sure if that would be the case by the 13th.
  • Waters replied on Monday, assuring SBF that his current knowledge is evidently “sufficient for testimony.”
  • “As you know, the collapse of FTX has harmed over one million people,” she stated. “Your testimony would not only be meaningful to Members of Congress but is also critical to the American people.”

  • Waters noted that Congress would arrange future hearings if he uncovers more information at a later point. 
  • SBF has made numerous media appearances in the past week discussing FTX’s collapse. He’s also appeared on multiple Twitter spaces to answer questions directly from the crypto community.
  • However, many of his answers have suggested that he was unaware of how much leverage Alameda was using on its platform. He frequently characterized FTX’s collapse as an “embarrassing mistake,” rather than fraud.
  • Thus far, SBF has admitted that some of his customers were effectively buying fake Bitcoin on his platform, prior to its collapse.
Congress will move 'aggressively' to examine Facebook's cryptocurrency, Rep. Maxine Waters says
Maxine Waters. Source: CNBC
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