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U.S. House committee chair says Bankman-Fried subpoena 'definitely on the table'

Stock Markets Dec 08, 2022 05:36AM ET
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© Reuters. FILE PHOTO: Representative and chairwoman Maxine Waters (D-CA) attends the House Financial Services Committee hearing on Capitol Hill in Washington, U.S., September 30, 2021. Al Drago/Pool via REUTERS/File Photo
 
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(Reuters) -U.S. House Financial Services Committee Chairman Maxine Waters (NYSE:WAT) tweeted on Wednesday that a subpoena of FTX founder Sam Bankman-Fried was "definitely on the table," in response to reports she was unwilling to force him to testify before a House committee.

Bankman-Fried, 30, faces scrutiny by regulators in the United States and elsewhere over the stunning collapse of Bahamas-based crypto-exchange FTX, which filed for bankruptcy last month after a liquidity crisis that saw at least $1 billion of customer funds vanish.

The House Financial Services Committee has scheduled a hearing into the matter for Tuesday. CNBC reported that Waters, a Democrat who chairs the panel, had no intention of subpoenaing Bankman-Fried if he does not voluntarily testify.

"Lies are circulating @CNBC that I am not willing to subpoena @SBF_FTX," Waters said on Twitter. "He has been requested to testify at the December 13th hearing. A subpoena is definitely on the table. Stay tuned."

Waters had earlier said it was imperative that the FTX founder testify and that the committee was "willing to schedule continued hearings if there is more information to be shared later."

Bloomberg News reported separately that two U.S. senators were also seeking Bankman-Fried's testimony and would subpoena him if necessary.

The New York Times reported on Wednesday that federal prosecutors were investigating whether Bankman-Fried manipulated the market for two cryptocurrencies, leading to their collapse and the implosion of his own exchange.

Bankman-Fried was considered a crypto wunderkind and was one of the largest donors to Democratic Party candidates and causes before FTX filed for bankruptcy last month.

He said last week that he would not be surprised if he traveled to Washington for congressional hearings, while appearing to distance himself from suggestions of fraud.

U.S. House committee chair says Bankman-Fried subpoena 'definitely on the table'
 

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Comments (2)
gab nea
gab nea Dec 08, 2022 5:59AM ET
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between the pump and dumps,a la musk doggies, the daily hackings, the fraud and the outright theft of blockchain coins, oh and the massive losses incurred by investors, renders cryptos obsolete. it is however used well by organized crime and tax fraud. I see the end of bitcoins coming!
Dennis Chuck
Dennis Chuck Dec 07, 2022 10:19PM ET
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SB-FRIED. Obviously he is a fraud! Ftx was a fraud! FRIED intentionally used alameda to artifically pumped up the value of fpp which he knew very clear its fraud! Countless investors have been FRIED by him! He should be sentenced to life imprisonment.
Santosh Oak
Santosh Oak Dec 07, 2022 10:19PM ET
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His political contacts & donations might rescue him.
 
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