Sam Bankman-Fried, the founder of the failed crypto exchange FTX, has agreed to testify before the Senate Banking Committee next week as questions and confusion swirl about the collapse of his companies.
On Friday, he tweeted that he’s “willing to testify on [December] 13th” and said he will “try to be helpful, and to shed what like I can” about several of lawmakers’ concerns, including FTX US’ solvency, “pathways” that could return “value” to users, what he thinks about what led to the crash, and, finally, his “own failings.” “I had thought of myself as a model CEO, who wouldn’t become lazy or disconnected,” Bankman-Fried wrote on Twitter. “Which made it that much more destructive when I did.
Elizabeth Warren of Massachusetts and Tina Smith of Minnesota, both Democrats, sent letters to three regulators – the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency – asking them to assess the traditional banking system’s exposure to turmoil in the crypto space, a largely unregulated, parallel financial system. “Crypto firms may have closer ties to the banking system than previously understood,” Warren and Smith wrote.
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