HomeCrypto NewsMarketSBF to Testify Remotely At the Senate Banking Committee Hearing Tomorrow Amid Fear of “Paparazzi Effect” 

SBF to Testify Remotely At the Senate Banking Committee Hearing Tomorrow Amid Fear of “Paparazzi Effect” 

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FTX founder said he is not planning to attend the testimony in person. 

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Sam Bankman-Fried (SBF), the former CEO of FTX cryptocurrency exchange, disclosed today that he has no plans to speak at the upcoming Senate Banking Committee hearing scheduled for December 13, 2022. SBF made this known today during a Twitter Space hosted by Unusual Whales. 

The founder of FTX, who disclosed he was playing a video game during the Twitter Space, said it is difficult for him to travel lately because of the massive “paparazzi effect” he has attracted following the collapse of FTX.  

He added that if the committee insists that he attends the hearing, he is willing and open to having a conversation with the Congress members.

Tracy Wang, Coindesk’s Deputy Managing Editor, also joined Twitter Space and confirmed that SBF would not be attending the Banking Committee hearing in person. According to Wang, SBF will attend the hearing virtually. 

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Several crypto enthusiasts, including David Gokhshtein, who joined the Unusual Whales’ Twitter Space, also confirmed that SBF would not attend the Banking Committee hearing in person. 

Congress to Subpoena SBF If He Fails to Attend the Testimony

Several twists have emerged since the Senate Banking Committee invited SBF to testify and answer for the failure of FTX and Alameda Research. Earlier this month, SBF stated on Twitter that he is not sure he will attend the December 13 hearing because he is still learning and reviewing what led to the collapse of the crypto trading platforms. 

Reacting to SBF’s comment, Maxine Waters, chair of the House Committee on Financial Services, said that based on SBF’s role as former CEO of FTX, it is clear that he has sufficient information for the testimony. She added that SBF must attend the testimony because of the damage FTX’s collapse caused U.S. investors. 

“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,” Waters said

On December 8, Waters further revealed that SBF could be subpoenaed if he fails to show up voluntarily at the December 13 hearing. 

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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