FTX: Texas Regulators Summon SBF to Hearing

For a month, the FTX platform has been sailing in troubled waters. The crypto exchange never recovered from mismanagement by its executives, who allegedly invested customers’ money on a new project named Alameda. A bad investment with serious consequences, since in the process, the giant with agile feet will go bankrupt. The ex-CEO of FTX is rightly invited to comment on the reason for this fiasco before the financial services of Parliament. Even before his intervention, he would have already convinced Maxine Waters, president of financial services in Parliament, by her frankness during the crash of her company.

SBF will be before Parliament’s Financial Services Committee on December 13

FTX affair: This member of Parliament thanks SBF for his frankness

Not a week goes by without the bankruptcy of FTX don’t talk about her. Indeed, the American legislator in the person of Maxine Waters summoned Sam Bankman-Fried before the Financial Services Commission. In a tweet, the president of the said commission thanked SBF for her frankness during the crash of her company.

Thus, Waters invited Sam Bankman-Fried, the disgraced president, to appear before the financial services committee on December 13, 2022. This in order to take part in the bipartisan hearing on the collapse of FTX and its impact on the digital asset ecosystem.

For the authorities, poor management at the top is responsible for this bankruptcy. An investigation has already been opened by the Securities and Exchange Commission (SEC), the Department of Justice and several regulators against Sam Bankman-Fried.

Moreover, according to the new CEO of FTX, John J RayAlameda might have enjoyed huge advantages when trading against FTX users.

Moreover, it is important to point out that since the bankruptcy, Bankman-Fried was almost absent from the media and only his strange tweets reminded of his existence. But this one respectively made a public appearance at the annual summit New York Times Deal Bookan interview on Good Morning America last Wednesday and Thursday. Added to this is the Twitter Spaces, an evening attended by nearly 40,000 people. Everything suggests that Bankman-Fried does not seem to give up.

Conclusion

The billions of dollars in losses caused by the FTX crash will not stop creating controversy anytime soon. US lawmakers and watchdogs have launched a witch hunt against Sam Bankman-Fried. They are trying to find answers to the many questions that are causing controversy in public opinion. Bankman-Fried for his part does not seem worried about his fate, although the CEO of Galaxy Digital believes he should finotgo to jail.

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