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Sam Bankman-Fried, founder and former CEO of collapsed cryptocurrency exchange FTX, said Friday he was willing to testify before Congress next week. Meanwhile, the Securities and Exchange Commission said it would require companies to begin disclosing their crypto exposure.
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Bankman-Fried To Take The Stand
Friday morning, Bankman-Fried tweeted he will testify at a House Financial Services Committee meeting on Tuesday, Dec. 13 to discuss what led to the implosion of FTX Group and its affiliate entities.
House Financial Services Committee Chair Maxine Waters, D-Calif., invited SBF to participate in the hearing on Dec. 2. Bankman-Fried initially tried to downplay his understanding of the collapse, saying he would testify “once I have finished learning and reviewing what happened.”
“Based on your role as CEO and your media interviews over the past few weeks, it’s clear to us that the information you have thus far is sufficient for testimony,” Rep. Waters responded on Twitter. “The collapse of FTX has harmed over one million people. Your testimony would not only be meaningful to Members of Congress, but is also critical to the American people.” Waters said additional meetings could be scheduled if there’s more information to share later.
“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,” Bankman-Fried tweeted Friday morning. “But as the committee still thinks it would be useful, I am willing to testify on the 13th.” He said he plans to shine a light on FTX US’s solvency and American customers, pathways that could return value to users internationally, his failings and thoughts on what led to the crash.
SEC Wants Crypto Disclosures
The SEC wants public companies to disclose their cryptocurrency exposure and the risk it adds to their operations, according to a letter from the regulator.
The letter includes a comprehensive list of for firms participating in the crypto industry. It includes detailing balance sheet holdings, exposure to third-party crypto firms, operational impacts from crypto bankruptcies and their downstream effects, and liquidity risk. As well as disclosures for any excessive redemptions or withdrawals, details on the ability to obtain financing and any risks related to legal proceedings or regulatory impacts.
You can follow Harrison Miller for more stock news and updates on Twitter @IBD_Harrison
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