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“I Will Testify Before Congress Only When I Am Ready” – Sam Bankman-Fried 

In the late hours of yesterday, December 4th, 2022. Sam Bankman-Fried, the former chief executive officer and founder of the failed FTX exchange and Alameda Research, informed the US House Committee on Financial Services in an open tweet that he will only appear before the house and testify when he is ready.

The House had tweeted commenting on his behaviour since the fatal collision of his firms and invited him to testify in its hearing on the 13th of this month. Bankman-Fried, however, replied in a way that strongly suggests that he is not ready yet. 

The Congress Invites the Former FTX CEO

The famous crypto exchange FTX’s fall has to be one of the most defining events for the crypto community this year. Since the former chief executive officer, Sam Bankman-Fried, filed for bankruptcy, the action has continued to have resultant effects on a number of situations in the crypto industry.

Allegations of mismanagement and the intention to dupe investors in the crypto community have been thrown at Sam Bankman-Fried and a host of other top executives. However, the former CEO continues to claim that he acted without malicious intent. 

In light of this and to get to the exact cause of the FTX’s fall, the US House Committee on Financial Services, the committee of the US House of Representatives that is in charge of the financial industry, invited him to its hearing on the 13th of this month. 

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The invitation was open and made via a tweet from the verified account of the house, which Bankman-Fried quote-tweeted his response in return. The former CEO claimed that, despite thinking he had a duty to appear before Congress, the timing was not right.

According to him, he has yet to go through everything that happened, and he is not sure that he will be done before the 13th. Bankman-Fried went on to state that, whenever he is done, he will appear before Congress.

Reactions Trail Sam Bankman-Fried’s Declination

Several reactions, mostly negative, have followed the former CEO’s declination of the invitation to appear before Congress. 

The invitation, which had Rep Maxine Waters’ name under it, came as a commendation first to Bankman-Fried for allegedly being willing to explain his side of the story, then it went on to invite him to the House’s hearing on the 13th.

Ironically, the former CEO, who was being applauded for being open to talking to people about what really went down, declined an opportunity to actually clear the air and be accountable. 

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Many members of the crypto industry have tagged the invitation as a mere show put on for the public, and given the Congress’ quite cordial relationship with Bankman-Fried, the theory seems plausible to most. 

Previous pictures of the ex-CEO being cordial with Rep. Maxine Waters have flooded the internet, and a large percentage of the community is starting to think that maybe Sam Bankman-Fried will get his way with this after all.


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Jimmy Kelly

Jimmy is one of the news journalists for Tokenhell. He is a big crypto enthusiast and bought his first crypto token way back in 2015! Jimmy publishes updates about crypto tokens, events, price analysis and regulation among many other subjects.

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