Sam Bankman-Fried will testify on December 13

Crypto Regulation
Sam Bankman-Fried will testify on December 13

Sam Bankman-Fried has just stated that he is ready to appear before the U.S. House Committee on Financial Services but will have very little to say.

The former CEO of FTX has shown his intention to appear before American authorities amid queries on whether he would testify on December 13. In a string of tweets in response to a post from Congresswoman Maxine Waters, he recognized that a lack of knowledge would constrain what he could say. SBF claimed he would discuss FTX US’s’ solvency and the U.S. consumers.

SBF’s trial bringing on much anticipation

Amid the confirmation of giving his testimony, the co-founder of FTX asserted that he would also discuss the different paths that may result in user monies being returned internationally. SBF made an intriguing comment when he indicated he would also discuss his “personal faults” and what he believes caused the tragedy.

SBF had previously stated that he wanted time to reflect on what transpired before appearing before the House to explain. Interestingly, he mentioned he might not be able to attend the committee meeting on December 13 as scheduled. In his tweets, he also discussed how others saw him before his business failed.

SBF claims to have envisioned himself as a role-model CEO who would never get complacent or disengaged. According to Congresswoman Waters, more than a million individuals were impacted by the FTX collapse. She continued by saying that SBF testimony would be necessary for Congress and the American people.

SBF’s’ testimony is anticipated mainly due to the many news regarding his actions popping up, hence increasing the need for him to clear out the allegations.

A new deadline to restore client assets before shutting down the business has been given to the Japan-based division of the insolvent cryptocurrency startup FTX.

While Sam Bankman-Fried is the subject of several inquiries on numerous fronts, there needs to be clarity on the customer funds. Federal prosecutors recently met with John J. Ray III, the new CEO of FTX, and the firm’s bankruptcy attorneys. The beleaguered cryptocurrency exchange filed for chapter 11 bankruptcy about a month ago. On the other hand, the US SEC is looking into possible misuse of customer funds from FTX US.

The Japanese financial watchdogs recently announced a new deadline for refunding client payments. The nation’s Kanto Local Finance Bureau extended the order for FTX Japan’s activities to be suspended on Friday. Due to the imminent return of user assets, the agency decided to extend the deadline by three months. FTX Japan was supposed to be shut down on December 9. However, the agency changed it to March 9, 2023.

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Brenda Mary

Brenda Mary is a crypto enthusiast and a graduate of The University of Nairobi in economics. Brenda’s passion brings her back to her elementary school years as a poet. She enjoys discussing blockchain technology and is committed to producing original content. Brenda also covers other rapidly developing markets and economic and cryptocurrency studies.