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Sam Bankman-Fried Misses Deadline to Respond to Testimony, Now What?

Published on

February 8, 2023
Read Time:2 Minute, 25 Second

Crypto's primary public enemy, Sam Bankman-Fried, has missed an important deadline to verify his look at an upcoming Senate committee listening to.

The previous FTX CEO missed a 5:00 p.m. ET Thursday, December 8, deadline to reply to a request from the Senate Banking Committee to testify on the committee's December 14 assembly. This has created the opportunity of a subpoena from Congress.

On December 8, Senate Committee on Banking, Housing and City Affairs Chairman Sherrod Brown and senior committee member Senator Pat Toomey launched expression on request.

“FTX collapse has precipitated actual monetary injury to customers and the affect has spilled over to different elements of the crypto trade. The American folks want solutions about Sam Bankman-Fried's misconduct at FTX," they said, earlier than including:

"The committee has requested him to testify at our upcoming FTX collapse listening to and can take into account additional motion if he fails to take action."

In line with the official committee websitethe listening to, titled “Crypto Crash: Why the FTX Bubble Burst and the Hurt to Customers,” will likely be webcast on December 14.

Thus far, two witnesses have been confirmed to attend the listening to -- together with American College Washington Faculty of Regulation professor Hilary J. Allen and actor and writer Ben McKenzie Schenkkan.

Professor Allen is an educational whose analysis focuses on the affect of rising monetary applied sciences on monetary system stability. Ben McKenzie is an anti-crypto actor-turned-commentator who performed a troubled teenager on a US tv sequence known as The OC.

Messari founder Ryan Selkis commented on the futility of witness choice:

The Senate Banking FTX listening to is an entire goat rodeo and a mockery of the system.

I provided to go, though it could have been a distraction, however as an alternative the Senate selected the previous OC baby star and a "by no means crypto" educational.

One other waste of taxpayer $$$.

— Ryan Selkis (@twobitidiot) December 9, 2022

In the meantime, Cointelegraph reached out to Ben McKenzie for remark.

Associated: Texas enforcers need Sam Bankman-Fried to attend the February listening to

Except for the Senate Banking Committee listening to on Dec. 14, Bankman-Fried was additionally requested to attend a separate listening to on Dec. 13 titled “Investigating FTX Collapse” with the US Home Monetary Providers Committee.

Bankman-Fried was first invited to attend the listening to by way of a Twitter submit by Congresswoman Maxine Waters, however apparently declined the invitation on Dec. 5, saying he wasn't positive what would occur by the listening to date, "however when the time comes, I'll testify.”

Waters responded Dec. 8 that "a subpoena is certainly on the desk" ought to Bankman-Fried not voluntarily testify on the listening to.

The collapse of SBF's FTX empire has unleashed a tsunami of backlash from US lawmakers and regulators threatening to drown the fledgling crypto-asset trade.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : February 8, 2023
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