Former FTX CEO Sam Bankman-Fried turned down an offer from members of the U.S. House of Representatives to take part in hearings on the collapse of the stock exchange.
House Financial Services Committee Chair Maxine Waters has invited former FTX CEO Sam Bankman-Fried to a hearing on Dec. 13 to “frankly” talk about the platform’s collapse.
“We appreciate that you have been candid with the public, the company’s customers and investors in your discussions of what happened with FTX. We look forward to your participation in our hearing on December 13,” Waters wrote to Bankman-Fried.
Lawmakers were expecting to hear from Bankman-Fried, as well as others involved in the financial disaster, including former Alameda Research executives and representatives from rival cryptocurrency exchange Binance, which some members of Congress believe helped launch the collapse.
However, in a response to Congress, the former head of FTX said that although he feels compelled to talk to lawmakers about the collapse of the exchange, he will not be able to do so in the proposed time frame.
“Chairman Waters and the House Financial Services Committee: Once I have finished studying and reviewing what happened, I feel it is my duty to stand before the committee and explain. I am not sure that this will happen by December 13, but when I am ready, I will testify, ” wrote Bankman-Fried on Twitter.
Earlier, FTX’s bankruptcy trustee Andrew Vara said the exchange’s default was the fastest corporate failure in US history and urged the court to appoint an independent expert to investigate the case.
Source: Bits
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