In a letter released prior to former FTX CEO Sam Bankman-Fried’s arrest by authorities in the Bahamas on Monday in connection with pending charges in the U.S., the bipartisan leaders of the Senate Banking Committee put out a statement blasting him for refusing to testify at a hearing on the implosion of the cryptocurrency exchange he founded.
Chairman Sherrod Brown (D-Ohio) and Ranking Member Pat Toomey (R-Pa.) said they offered Bankman-Fried the opportunity to testify at a hearing on FTX’s collapse that’s scheduled for Wednesday, December 14th at 10 a.m. EST or next week on December 20th. They were also willing to allow him to appear remotely given that he is still in the Bahamas, where FTX is headquartered.
The senators wrote, “We have offered Sam Bankman-Fried two different dates for providing testimony before the Senate Banking, Housing, and Urban Affairs Committee, and are willing to accommodate virtual testimony. He has declined in an unprecedented abdication of accountability.”
The bipartisan duo noted, “Virtually every CEO, financial regulator, and administration official for Republicans and Democrats has agreed to testify in front of both the Senate and House when called upon – that is how congressional oversight works.”
Brown and Toomey said they will continue to work to secure Bankman-Fried’s appearance before the committee despite his lawyers declining a subpoena for his testimony: “Given that Bankman-Fried’s counsel has stated they are unwilling to accept service of a subpoena, we will continue to work to have him appear before the Committee. He owes the American people an explanation.”
Mariam
Article URL : https://www.foxbusiness.com/markets/senators-slam-sam-bankman-fried-for-refusing-to-testify-before-banking-panel-ftx-collapse