by Grit Capital CEO Genevieve Roch-Decter comments on investor and entrepreneur Kevin O’Leary’s “making money” response to the FTX scandal.
FTX CEO Sam Bankman-Fried is reportedly not expected to be subpoenaed to testify at a hearing next Tuesday about the dive bomb his crypto exchange experienced over the past month.
CNBC reported Wednesday that House Financial Services Committee Chair Maxine Waters told Democrats during a private meeting Tuesday with Securities and Exchange Commission Chair Gary Gensler that she had no plans to subpoena Bankman-Fried.
House Financial Services Chair Maxine Waters (D-Calif.) said Friday she wanted FTX founder Sam Bankman-Fried to testify at the panel’s Dec. 13 hearing on the cryptocurrency collapse (Getty Images/Getty Images)
Those with knowledge of the call declined to be named, the report said, but said Waters wanted to see if the committee could get Bankman-Fried to testify himself.
EX-FTX CHIEF SAM BANKMAN-FRIED ADMITS HE SHOULD HAVE MORE STRESS TESTING BEFORE CRYPTO COMPANY COLLAPSED
Bankman-Fried is facing a barrage of legal ramifications for his involvement in the collapse of FTX, which prompted him to file for bankruptcy in November.
A full-blown liquidity crisis forced FTX to file for bankruptcy, and Bankman-Fried’s fortune, valued at $15.6 billion just before the declaration, plummeted to the point where the Bloomberg Billionaires Index estimates he has no tangible assets had fortune.
Sam Bankman-Fried, Co-Founder and Chief Executive Officer of FTX, on Tuesday, May 11, 2021, in Hong Kong, China. FTX, the digital asset trading platform launched by Bankman-Fried two years ago, said it’s handled enough volume over the past month to make it one (Photographer: Lam Yik/Bloomberg via Getty Images/Getty Images)
After founding FTX, he became a billionaire and the subject of media fascination. Bankman-Fried was also a philanthropist, giving to causes dealing with issues such as pandemics and climate change, as well as giving to Democrats and Liberal PACs.
MAXINE WATERS PRAISES FTX FOUNDER BANKMAN-FRIED FOR ‘CANDILY’ INTERVIEWS AFTER BILLIONS BILLION GO MISSING
With these donations, he became a major player in Washington.
Waters, a Democrat, will lose her post as committee chair on January 3, 2023 when Republicans take control of the House of Representatives.
Once that power passes to Rep. Patrick McHenry, it will be up to him to decide whether to subpoena Bankman-Fried to testify at the next sitting if he refuses to do so himself.
SAM BANKMAN-FRIED SAYS HE WILL TEST AT HOME WHEN HE’S “FINISHED LEARNING AND VERIFYING WHAT HAPPENED.”
CNBC reported that Waters invited the FTX CEO to testify voluntarily, although she has an opportunity 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 to make a statement and is not only “significant” to members of Congress, but also “crucial” to the American people.
“Once I’m done studying and verifying what happened, I would feel like it was my duty to appear before the committee and explain it,” Bankman-Fried replied. “I’m not sure if that will happen by the 13th, but when it does I will testify.”
CLICK HERE TO READ MORE FROM FOX BUSINESS
