Congress Summons FTX To Testify

( According to reports, the founder of the cryptocurrency exchange, Sam Bankman-Fried, said in a tweet on Friday that he is willing to testify before the US House Committee on December 13 as authorities look into his role in the exchange’s collapse.

Following a liquidity crisis and implosion that reverberated throughout the industry and prompted inquiries from regulators in several nations, FTX declared bankruptcy last month.

Maxine Waters, the chairwoman of the House Financial Services Committee, told reporters she was ready to subpoena Bankman-Fried if he declined to appear the following week.

Bankman-Fried said he still can’t access a lot of his data, either personal or professional. As a result, he can only say so much and won’t be as helpful as he would like.  If the committee still believes it would be helpful, he was willing to testify on the 13th.  But it was unclear whether he intended to attend the hearing in person or via video.

Bankman-Fried has not been accused of any crimes by the prosecution or the authorities.  U.S. authorities recently requested information from FTX investors and potential investors, according to a source familiar with the requests.

Federal prosecutors in New York are requesting information on any interactions these businesses may have had with Bankman-Fried and the executives of the crypto firm.

Reports reveal Sam Bankman-Fried has law professor parents who worry that paying for his defense in an escalating legal action will bankrupt the family.

Barbara Fried and Joseph Bankman, well-known Stanford University alumni, have been staying with their ex-billionaire son in the Bahamas for more than a month as he deals with the backlash following FTX’s abrupt collapse.

According to sources close to the family, the parents have told friends that their son’s legal bills will likely wipe them out financially. According to those sources, Bankman recently said they hope this gives them some wisdom.  If not, it would be too difficult to handle.

According to reports, a representative for Bankman-parents Fried’s declined to confirm whether they are actively giving their son legal advice.

Are we to believe Bankman-Fried’s parents had no idea what he was doing?