Bitcoin Critic Peter Schiff Says US Did Sam Bankman-Fried A Favor By 'Saving Him From Himself' Before Congress Testimony

Bitcoin BTC/USD critic and gold bull Peter Schiff questioned why the U.S. government moved to charge FTX FTT/USD founder Sam Bankman-Fried a day before he was due to testify before Congress.

What Happened: Schiff said on Twitter, “From a tactical perspective, I don't understand why the U.S. government didn't wait until after [Bankman-Fried]  testified under oath before Congress tomorrow before charging him with a crime.”

From a tactical perspective, I don't understand why the U.S. government didn't wait until after @SBF_FTX testified under oath before Congress tomorrow before charging him with a crime. Prosectors actually did #SBF a favor by saving him from himself.

— Peter Schiff (@PeterSchiff) December 13, 2022

“Prosecutors actually did [Bankman-Fried] a favor by saving him from himself,” said Schiff. 

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Why It Matters: Rep. Maxine Waters (D-CA.), who heads the House Financial Services Committee, expressed surprise over the sudden arrest of Bankman-Fried.

“The public has been waiting eagerly to get these answers under oath before Congress, and the timing of this arrest denies the public this opportunity,” said Waters.

Waters said the FTX founder’s lawyers had confirmed that he would appear before the Committee on Tuesday, but then he was arrested.

Bankman-Fried is in the custody of Bahamian authorities who detained him after a formal notification from the United States, according to a prior report.

The disgraced cryptocurrency entrepreneur’s draft testimony to Congress stated that he was under pressure to nominate a new CEO.

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Photo by Gage Skidmore on Flickr