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Senate Banking Committee demands testimony from SBF

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The Senate Banking Committee is not willing to let Sam Bankman-Fried (SBF) shirk his responsibilities. It is asking him to Come to “answer for the failure” of FTX and Alameda Research. at a hearing to be held on December 14, in his case by subpoena.

New commission asks to hear SBF

The noose is tightening around Sam Bankman-Fried. After the Financial Services Committee, it’s the Senate Banking Committee’s turn to firmly invite SBF to testify about its involvement in the collapse of the hellish FTX/Alameda duo.

As founder and CEO of FTX Trading Ltd. at the time of its collapse and founder, principal owner and former CEO of Alameda Research, he must answer for the bankruptcy of both entities that was caused, at least in part, by the blatant misuse of customer funds and ended up with billions of dollars owed to more than a million creditors.

Sherrod Brown, Chairman of the Senate Banking Committee, in. Letter dated December 7

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After noting that witnesses usually appear voluntarily, the tone of the letter becomes more threatening in light of SBF’s mood, who vents to the media, but does not seem willing to confront lawmakers. In fact, if SBF does not confirm his participation, the senator will take more restrictive measures.

I am prepared with Member Pat Toomey, to issue a subpoena to compel him to testify.

Sherrod Brown, Chairman of the Senate Banking Committee, in. Letter dated December 7

In fact, if SBF fails to do so, it faces criminal contempt of Congress with a maximum penalty of 12 months imprisonment and a $100,000 fine..

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SBF finally on the grid?

After weeks of dithering, incomprehensible to all aggrieved investors, it appears that the legal machinery, or at least the beginnings of it, is finally getting underway. Senator Brown’s letter indicates that we are finally going to get to the heart of the matter.

There are still important unanswered questions about how client funds were diverted, how clients were prevented from withdrawing their own money, and how you orchestrated a cover-up. “

Sherrod Brown, Chairman of the Senate Banking Committee, in. Letter dated December 7

And even Maxine Waters, the chairwoman of the U.S. House Financial Services Committee, whose complacency toward SBF was incomprehensible, also seems to have given up trying to spare him. First gently, then more firmly, she invited him to a hearing on December 13 entitled “Investigation of the FTX Collapse.” now says she is willing to use the same procedure, confirming that a “subpoena is definitely on the table.”.

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