{"id":15349,"date":"2022-12-10T23:40:54","date_gmt":"2022-12-10T23:40:54","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ftx-co-founder-sam-bankman-fried-agrees-to-testify-before-us-congress-regulation-bitcoin-news\/"},"modified":"2022-12-10T23:40:54","modified_gmt":"2022-12-10T23:40:54","slug":"ftx-co-founder-sam-bankman-fried-agrees-to-testify-before-us-congress-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ftx-co-founder-sam-bankman-fried-agrees-to-testify-before-us-congress-regulation-bitcoin-news\/","title":{"rendered":"FTX Co-Founder Sam Bankman-Fried Agrees to Testify Before US Congress \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The co-founder of collapsed crypto exchange FTX, Sam Bankman-Fried (SBF), has agreed to testify at one of the two congressional hearings set for next week. \u201cI had thought of myself as a model CEO, who wouldn\u2019t become lazy or disconnected,\u201d Bankman-Fried claimed.<\/strong><\/p>\n

Sam Bankman-Fried to Testify Before Congress<\/h2>\n

Former FTX CEO Sam Bankman-Fried (SBF) has agreed to testify before the House Committee on Financial Services after the committee\u2019s chair, Congresswoman Maxine Waters, politely tweeted inviting<\/a> him to testify several times.<\/p>\n

\u201cI still do not have access to much of my data \u2014 professional or personal. So there is a limit to what I will be able to say, and I won\u2019t be as helpful as I\u2019d like. But as the committee still thinks it would be useful, I am willing to testify on the 13th,\u201d Bankman-Fried tweeted to Rep. Waters Friday.<\/p>\n

\u201cI will try to be helpful during the hearing, and to shed what light I can on FTX US\u2019s solvency and American customers, pathways that could return value to users internationally, what I think led to the crash, [and] my own failings,\u201d he detailed in a follow-up tweet, elaborating:<\/p>\n

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I had thought of myself as a model CEO, who wouldn\u2019t become lazy or disconnected, which made it that much more destructive when I did. I\u2019m sorry. Hopefully people can learn from the difference between who I was and who I could have been.<\/p>\n<\/blockquote>\n

Another congressional hearing is set for Wednesday, Dec. 14. U.S. Senator Sherrod Brown (D-Ohio), chair of the Committee on Banking, Housing, and Urban Affairs, sent a letter<\/a> to Bankman-Fried last week requesting him to testify. At the time of writing, the former FTX CEO has not agreed to testify before the Senate committee.<\/p>\n

FTX filed for bankruptcy on Nov. 11 and Bankman-Fried stepped down as the CEO. The company is now being investigated<\/a> for various charges, including mishandling customer funds. FTX\u2019s new CEO, John Ray, told<\/a> the bankruptcy court: \u201cNever in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.\u201d<\/p>\n

What do you think about SBF agreeing to testify before the House Committee on Financial Services? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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