Senate Committee Threatens to Subpoena Bankman-Fried to Compel Him to Testify on FTX Collapse
Two U.S. senators are threatening to subpoena Sam Bankman-Fried, the founder of FTX, to compel him to testify at a Senate committee hearing on the collapse of his crypto exchange next week.
Senators Sherrod Brown (D-Ohio) and Patrick Toomey (R-Pa.) demanded that Bankman-Fried testify at a Senate Committee on Banking, Housing, and Urban Affairs on Dec. 14, regarding the collapse of cryptocurrency exchange FTX, according to a letter sent on Wednesday.
Brown, the chair of the Senate committee, and Toomey have stated that they are prepared to issue a subpoena to Bankman-Fried if he refuses to appear voluntarily.
Bankman-Fried resigned from FTX in early November after it fell apart, when a run on deposits exposed an $8 billion hole in the exchange’s accounts, causing the company to collapse….