Chairwoman of House Financial Services Committee Says SBF Has No Excuse To Skip Scheduled Testimony

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Top U.S. Lawmaker Calls Out SBF For Planning to Delay A Testimony on FTX Fall.

Following former FTX CEO SBF’s announcement that he would only testify on the FTX collapse before the U.S. House Financial Services Committee after gathering sufficient information about “what happened,” chairwoman Maxine Waters has called him out on Twitter. 

In a tweet yesterday, Waters said that based on SBF’s role as the former CEO of FTX, it is clear to the committee members that he already has sufficient information for the testimony slated for December 13.

.@SBF_FTX,

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. (1/3) https://t.co/YUVVjOkC40

— Maxine Waters (@RepMaxineWaters) December 5, 2022

Waters noted that it is important that SBF attends the testimony on the scheduled date because the FTX collapse affected over one million users, who still cannot access their funds after the exchange filed for Chapter 11 bankruptcy protection.

In a statement directed at the former FTX CEO, Waters said: “Your testimony would not only be meaningful to Members of Congress but is also critical to the American people.” 

The United States House Financial Services Committee chair reiterated that SBF must attend the testimony on December 13. She added that the committee is willing to schedule a date for a continuous hearing if more information on the matter needs to be shared later.

It is imperative that you attend our hearing on the 13th, and we are willing to schedule continued hearings if there is more information to be shared later. (3/3)

— Maxine Waters (@RepMaxineWaters) December 5, 2022

SBF Plans to Stall Testimony

Waters’ tweet comes a day after SBF indirectly declined to testify before the committee on the scheduled date.

“Rep. Waters, and the House Committee on Financial Services: Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain. I’m not sure if that will happen by the 13th. But when it does, I will testify,” SBF said. 

It is noteworthy that SBF had not directly spoken to U.S. lawmakers about the FTX debacle. However, he has participated in media interviews, including a New York Times conference, and spoken about the FTX collapse.

SBF’s refusal to attend the testimony scheduled by the committee on December 13 will not surprise many. Head of Policy at Blockchain Association Jake Chervinsky said SBF did not want to lie under oath because his statement could be used against him.

Translation: he doesn’t mind lying to Andrew Ross Sorkin or George Stephanopoulos, but lying to Congress under oath is less appealing. https://t.co/DZTyzMwn9s

— Jake Chervinsky (@jchervinsky) December 4, 2022

The House Committee on Financial Services is among the committees investigating the FTX collapse and has scheduled a hearing for December 13. Similarly, U.S. Senate Agriculture Committee held a hearing on December 1 to explore the exchange’s downfall.

CFTC Chair Rostin Behnam was a witness at the hearing. Behnam noted that a gap in legislation contributed to the FTX collapse. 

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