Missed Deadlines and Consequences
In an unexpected twist that feels like it was scripted by a Hollywood screenwriter, Sam Bankman-Fried, the notorious former CEO of FTX, has left the Senate Banking Committee hanging like a bad date, missing the pivotal deadline of 5:00 pm ET on December 8 to confirm his attendance at a crucial hearing. Now, the question looms: can a subpoena be far behind?
Senate’s Stance: Seeking Answers
The Senate Banking Committee, under the leadership of Chairman Sherrod Brown and ranking member Pat Toomey, issued a strong statement emphasizing the urgency of getting answers regarding the aftermath of FTX’s collapse that has struck fear into the hearts of consumers and shook the crypto space. They stated,
“The American people need answers about Sam Bankman-Fried’s misconduct at FTX.”
If Bankman-Fried continues this game of dodgeball, a subpoena may be the Committee’s next power move.
The Upcoming Drama: Hearing Details
The upcoming hearing, titled “Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers”, is set to take place on December 14 and will be streamed live for the world to see. Will Sam show up or will he raise the stakes even further? So far, two witnesses have confirmed attendance: legal academic Hilary J. Allen and actor-turned-crypto-commentator Ben McKenzie—making it a delightful blend of theory and Hollywood. Can you imagine the tête-à-tête?
Criticism from the Crypto Community
Not all are enthused about the current lineup of witnesses. Messari founder Ryan Selkis went all out on social media, describing the selection as a
“complete goat rodeo and mockery of the system.”
Looks like the crypto community is ready to roll their eyes in unison over this circus, questioning whether a former teen heartthrob and a crypto skeptic are the right folks to dive deep into such convoluted waters.
Additional Hearings: Not Just One, But Two!
As if one hearing wasn’t enough, Bankman-Fried has also been asked to attend another session titled “Investigating the Collapse of FTX” on December 13 with the U.S. House Financial Services Committee. The Congresswoman Maxine Waters, who initially invited him via tweet, made it clear that if he continues to play coy,
“a subpoena is definitely on the table.”
You can practically hear the gavel waiting to fall!
