Dec 12, 2022 - Economy

Ex-FTX CEO declines Senate Banking Committee hearing invite, subpoena

Sam Bankman-Fried speaks during a House Committee on Financial Services in December 2021. Photo: Jabin Botsford/The Washington Post via Getty Images.

Former FTX CEO Sam Bankman-Fried continues to decline to testify in front of the U.S. Senate Banking Committee, and his lawyers are refusing to accept a subpoena, according to a new statement from Sens. Sherrod Brown and Pat Toomey.

Why it matters: Bankman-Fried has agreed to testify in front of the House Financial Services Committee on Tuesday.

Catch up quick: While he was initially hesitant to testify in Congress at all, Bankman-Fried agreed to appear remotely tomorrow, alongside the crypto exchange's new CEO.

  • He maintains that he doesn't believe he can currently provide satisfactory answers to Congress.

What they're saying:

Sam Bankman-Fried’s counsel did not respond by the stated deadline. We believe it’s important that Bankman-Fried show he is willing to provide transparency and accountability to the American people by providing testimony. We will continue to work on having him appear before Congress as detailed in Wednesday’s letter.”
— Sens. Sherrod Brown and Pat Toomey.
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