Grit Capital CEO Genevieve Roch-Decter gives her take on investor-entrepreneur Kevin O’Leary’s response to the FTX scandal on “Making Money.”
FTX CEO Sam Bankman-Fried is not expected to be subpoenaed to testify at a hearing next Tuesday about the dive bomb his crypto exchange suffered last month, according to reports.
CNBC reported Wednesday that House Financial Services Committee Chair Maxine Waters told Democrats she was not considering subpoenaing Bankman-Fried, during a private meeting Tuesday with Chairman Gary Gensler. of the Securities and Exchange Commission.
House Financial Services President Maxine Waters (D-California) said Friday she wants FTX founder Sam Bankman-Fried to testify at the December 13 hearing into the crypto meltdown. change. (Getty Images/Getty Images)
Those privy to the conversation declined to be named, the report said, but said Waters wanted to see if the committee could get Bankman-Fried to testify for himself.
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Bankman-Fried is facing a barrage of legal repercussions over his involvement in the collapse of FTX, which led him to file for bankruptcy in November.
A full-fledged liquidity crunch forced FTX to file for bankruptcy and Bankman-Fried’s wealth, estimated at $15.6 billion just before the statement, plummeted to the point that the Bloomberg Billionaires Index estimated it was n had no material wealth.
Sam Bankman-Fried, co-founder and managing director of FTX, in Hong Kong, China on Tuesday, May 11, 2021. FTX, the digital asset trading platform launched two years ago by Bankman-Fried, said that ‘she managed enough volume last month to make one (Photographer: Lam Yik/Bloomberg via Getty Images/Getty Images)
He became a billionaire after founding FTX, as well as a subject of media fascination. Bankman-Fried was also a philanthropist and has donated to causes that address issues such as pandemics and climate change, as well as donations to Democrats and liberal PACs.
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Thanks to these donations, he became a major player in Washington.
Waters, a Democrat, will lose her position as committee leader on January 3, 2023, as Republicans take control of the House of Representatives.
Once that power is transferred to Representative Patrick McHenry, it will be up to him to decide whether to subpoena Bankman-Fried to testify at the next session if he refuses to do so on his own.
SAM BANKMAN-FRIED SAYS HE WILL TESTIFY OUTSIDE THE HOUSE WHEN HE’S ‘FINISHED LEARNING AND REVIEWING WHAT HAPPENED’
CNBC reported that Waters invited the FTX CEO to testify voluntarily, although she has the option to change her mind and subpoena him before Tuesday.
Waters told Bankman-Fried in a series of tweets that the information he has as CEO is sufficient for testimony, and would not only be “meaningful” to members of Congress, but “critical” to the American people. .
“Once I finish learning and reviewing what happened, I would feel like it was my duty to come before the committee and explain myself,” Bankman replied. -Fried. “I’m not sure that will happen by the 13th, but when it does I will testify.”
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