U.S. House Financial Services Committee Chair Rep. Maxine Waters (D-Calif.) has publicly criticized Sam Bankman-Fried, the former CEO of FTX FTT/USD, for saying on Twitter that he would testify after “learning and reviewing what happened” at the exchange.
What Happened: Waters, in a tweet on Monday, referred to the numerous media interviews given by Bankman-Fried after FTX's bankruptcy as proof that his knowledge was "sufficient for testimony" before the congressional committee.
.@SBF_FTX,
— Maxine Waters (@RepMaxineWaters) December 5, 2022
Based on your role as CEO and your media interviews over the past few weeks, it’s clear to us that the information you have thus far is sufficient for testimony. (1/3) https://t.co/YUVVjOkC40
A hearing is to be held on Dec. 13 to look into the failure of FTX, and the committee's leadership stated they expected Bankman-Fried along with any other people connected with the exchange's downfall to be present.
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“The collapse of FTX has harmed over one million people,” said Waters. “Your (SBF’s) testimony would not only be meaningful to Members of Congress but is also critical to the American people. It is imperative that you attend our hearing on the 13th, and we are willing to schedule continued hearings if there is more information to be shared later.”
Elon Musk said on Twitter that SBF should have “an adult timeout in the big house & move on.” Mike Novogratz, in an interview for CNBC, also argued that SBF should be incarcerated for his role in the company's collapse considering that in his previous interview, he was admitting his guilt.
Price Action: At the time of writing, FTT was trading at $1.39, down 3.12% in the last 24 hours, according to Benzinga Pro.
Photo by MIT Bitcoin Club on Wikimedia Commons
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