SBF says he will testify before US congress on Dec. 13 SBF says he will testify before US congress on Dec. 13
SBF said there was a limit to what he could say, and he would not be as helpful as he would have liked.
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Updated: Aug. 24, 2023 at 6:17 pm UTC
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FTX founder Sam Bankman-Fried said he was willing to testify before the U.S. House Financial Services Committee on Dec. 13 in a Dec. 9 Twitter thread.
1) I still do not have access to much of my data — professional or personal. So there is a limit to what I will be able to say, and I won't be as helpful as I'd like.
But as the committee still thinks it would be useful, I am willing to testify on the 13th. https://t.co/KR34BsNaG1
— SBF (@SBF_FTX) December 9, 2022
SBF said there was a limit to what he could say, and he would not be as helpful as he would have liked. According to him, this was because he had little access to his professional or personal data.
The embattled founder said he would be able to shed light on the following during the hearing:
- FTX US’s solvency and American customers
- Pathways that could return value to users internationally
- What he thinks led to the crash and his failings.
SBF said:
“I had thought of myself as a model CEO, and who wouldn’t become lazy or disconnected. Which made it that much more destructive when i did. I’m sorry. Hopefully, people can learn from the difference between who I was and who I could have been.”
The FTX founder was initially reluctant to honor the Committee hearing because he did not have enough information on what happened to his crypto empire.
Lawmakers, in response, revealed they were willing to subpoena SBF if he would not willingly honor the invitations.
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FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
FTX US Derivatives
FTX US Derivatives is a digital currency futures and options exchange and clearinghouse regulated by the US Commodity Futures Trading Commission (CFTC).
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.