Is he scared or is there some other reason?
•Sam Bankman-Fried, former CEO of FTX, has been invited to testify in front of the U.S. House of Representatives Financial Services Committee on December 13th
• However, he replied back to the committee’s chairwoman, Representative Maxine Waters, saying that he is “not sure” he’ll be ready by then
• The invitation wasn’t a demand or subpoena andBankman-Fried’s response wasn’t a yes or no
• Crypto Twitter has taken note of Bankman-Fried’s apparently nonchalant attitude toward the invitation with some people calling him a fraud
Sam gives veiled answer
Sam Bankman-Fried, the former CEO of FTX, has been invited to testify in front of the U.S. House of Representatives Financial Services Committee on December 13th. However, he replied back to the chairwoman, Representative Maxine Waters, saying that he is “not sure” if he will be ready by then. This invitation wasn’t a demand or subpoena and Bankman-Fried’s response wasn’t an explicit yes or no answer.
Rep. Waters, and the House Committee on Financial Services:— SBF (@SBF_FTX) December 4, 2022
Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain.
I'm not sure that will happen by the 13th. But when it does, I will testify. https://t.co/c0P8yKlyQt
Such a Nonchalant attitude has rubbed some the wrong way
The news of Bankman-Fried’s apparent nonchalance towards the invitation spread throughout the crypto space like wildfire, with some people calling him a fraud. Though it’s understandable that many are concerned about his attitude towards this important invitation from one of America’s most influential committees, it is less understood why Bankman-Fried responded as he did in the first place.
Rep. Waters, we appreciate that you're holding a hearing on the 13th, and we look forward to substantive factfinding about what happened at FTX. I am certain that factfinding will show that @SBF_FTX has not, in fact, been candid in his discussions. He committed fraud, full stop.— Jake Chervinsky (@jchervinsky) December 2, 2022
Our elected representatives exercise great restraint in communicating their expectations. And still this fraudster insults their authority. What a disgrace. https://t.co/YXaAZLfxrK— paulgrewal.eth (@iampaulgrewal) December 4, 2022
Recently LBRY lost its case with the SEC for allegedly selling unregistered securities with its LBC token and decided to ask nicely if the house representatives could extend the exact same treatment to them that SBF seems to be getting.
Hey Maxine Waters, we'd like to be treated nicely by the government the way criminals like SBF are.— LBRY 🚀 (@LBRYcom) December 2, 2022
Can you let us know how much to write a check for and where to send it?
Feel free to DM if you want to keep this private.
What does this all mean for Sam?
It could very well be that Bankman-Fried needs more time to prepare for such an important hearing and wants to be sure that everything is in order when he appears before Congress. As someone who was involved in the crypto industry for over 10 years and has been at the forefront of developing innovative solutions for institutional investors and other high-net-worth individuals, there is certainly much to learn from his experience. With so much at stake, it would make sense for him to take extra care and caution before appearing before Congress in such a high-profile position.
Equally plausible however is that Bankman-Fried may have felt intimidated by the idea of testifying in front of Congress and needed more time to build up his confidence and composure before facing such an intimidating audience. After all, few can deny that appearing before Congress carries significant weight not only politically but also personally; something which even experienced industry veterans might find overwhelming despite their expertise on certain topics.
Regardless of why Bankman-Fried responded as he did to Representative Waters’ invitation, it remains clear that this episode has stirred up quite a bit of controversy among crypto Twitter users who are eager to conclude what this means for the future of cryptocurrencies more generally. The truth likely lies somewhere between these two extremes — Bankman Fried may need more time to prepare or be nervous about appearing before Congress — but until we hear more from him directly it’s impossible to know for sure what his motivations were behind responding as he did.
Many revelations have been made about SBF and how he handled funds going through his two companies. SBF made donations to both political parties but chose to hide the donations he made to the Republican party to avoid having the media “freak the fuck out” as he put it.In an interview with Tiffany Fong he stated “I donated about the same amount to both parties.” Since then there havre been some politicians returning the donations and distancing themselves from the disgraced CEO.
There are others who believe no matter how far Sam goes with the “Apology Tour” there is a good chance the end may not be exactly what he hopes for.
Although it’s speculation for now, 👇 makes perfect sense. It also corroborates that @SBF_FTX’s apology tour is 💯 intended to control the narrative, admit criminal negligence and deny specific intent at ALL costs. He’s trying to minimize prison time, nothing else. https://t.co/zCbXynGYN7— John E Deaton (@JohnEDeaton1) December 4, 2022