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Senate Banking Committee calls on Bankman-Fried to testify on Dec. 14

Senate Banking Committee calls on Bankman-Fried to testify on Dec. 14

The U.S. Senate Banking Committee wants Sam Bankman-Fried to testify on the collapse of his crypto exchange, FTX and linked trading firm, Alameda Research. 

“As the Founder and CEO of FTX Trading Ltd. at the time of its collapse and the founder, principal owner, and former CEO of Alameda Research, you must answer for the failure of both entities that was caused, at least in part, by the clear misuse of client funds and wiped out billions of dollars owed to over a million creditors,” reads a letter from Senate Banking Committee Chair Sherrod Brown, D-Ohio.

The letter requests Bankman-Fried’s presence on Dec. 14, the day after a scheduled House hearing where members of Congress also want the embattled former crypto CEO to testify. Brown sent the letter to Bankman-Fried through his attorney, New York-based Mark Cohen, and says he has the cooperation of Sen. Pat Toomey, R-Pa., the committee’s top Republican.

“Traditionally, witnesses who are invited to appear before the Committee make themselves available voluntarily,” the letter continues. “If you chose not to appear, I am prepared, along with Ranking Member Pat Toomey, to issue a subpoena to compel your testimony.”

Brown gives Bankman-Fried until 5 p.m. EST on Thursday, Dec. 8, to decide whether to willingly appear or face a congressional subpoena and potential referral for contempt of Congress if he fails to cooperate. 

The House Financial Services Committee is already weighing a subpoena of Bankman-Fried, whom they have publicly called on to testify. 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Author: Kollen Post