Senate Committee To Subpoena SBF If He Does Not Testify Voluntarily

Following a tidal wave of disgust, outrage and loathing at corrupt politicians, Maxine Waters took to twitter to slam the earlier CNBC report that she wouldn't subpoena SBF as a "lie" even though just one sentence lower in her tweet she confirms that she has, in fact, not done anything yet and that a "subpoena is definitely on the table."

Furthermore, she notes that SBF has "been requested to testify" even though as everyone knows by now, he turned down said "request" and unless he is compelled (i.e., issued a subpoena) he won't go. But it's cool: "A subpoena is definitely on the table." The question is whether the check to Maxine clear and it stays there or someone actually signs it and delivers it to the prominent Democratic donor.

The responses suggest that America's corrupt politicians no longer fool anyone.

And while Maxine counts her inbound wire transfers and donations from SBF for a cost-benefit analysis of what the humiliated rep should do next, at least two US senators have no such qualms, and the two highest rated members of the Senate Banking Committee told Sam Bankman-Fried they expect him to appear before them next week in person to discuss the collapse of FTX, and will subpoena him if he does not appear voluntarily, a letter from its leaders said Wednesday.

As Coindesk first reported, Senators Sherrod Brown (D-Ohio) and Pat Toomey (R-Pa.), respectively the chair and ranking member of the committee, wrote a public letter to Bankman-Fried, who resigned from the exchange the same day it filed for bankruptcy last month. The committee is holding a hearing on Wednesday, Dec. 14, a day after the House Financial Services Committee holds its own hearing on the exchange.

“FTX’s collapse has caused real financial harm to consumers, and effects have spilled over into other parts of the crypto industry. The American people need answers about Sam Bankman-Fried’s misconduct at FTX," the lawmakers said in a prepared statement. "The Committee has requested that he testify at our upcoming hearing on FTX’s collapse, and will consider further action if he does not comply.”

Normally witnesses appear voluntarily, the lawmakers said in the letter. If Bankman-Fried does not confirm his participation by Thursday, "I am prepared, along with Ranking Member Pat Toomey, to issue a subpoena to compel your testimony," the letter signed by Brown said.

He now faces a number of investigations, including an investigation by federal prosecutors with the U.S. Attorney's Office in the Southern District of New York, who are investigating whether Bankman-Fried may have tried to manipulate the price of TerraUSD and Luna, which collapsed in their own dramatic fashion earlier this year, according to the New York Times.

Brown Letter on Bankman-fri... by Zerohedge

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Just when you thought House Democrat, and easily one of the smartest people in Congress, Maxine Waters couldn't humiliate herself and outrage the peasantry any further with her white-glove treatment of Sam Bankman-Fried, whose fraud was behind the largest ponzi scheme since Bernie Madoff, she has bested herself once more.

Waters, the House Financial Services Committee Chair, is not planning on subpoenaing Sam Bankman-Fried, or is that Sam Bankman-Freed - to testify at the upcoming December 13th Congressional hearing about the collapse of FTX. 

"Waters informed committee members of her decision at a private meeting Tuesday with Securities and Exchange Commission chair Gary Gensler on Capitol Hill," CNBC reported late in the day on Wednesday. 

Waters apparently said "she wants committee staff try to convince Bankman-Fried to voluntarily testify".

Senate Committee To Subpoena SBF If He Does Not Testify Voluntarily

And if he disagrees? Well... oops, but that's what all those tens of millions in donations to Democrats were for. Or is that billions?

For those still confused, one month after the historic implosion, Bankman-Fried appears to be getting away with one of the most blatant heists in history and still has not been held to account by any regulatory agency, other than what appeared to be some perfunctory palm greasing that may have taken place in the Bahamas. 

Baffled by why there has been no consequences for Bankman-Fried, even while Democrats and the Biden administration perpetually rail against billionaires and the upper class? Well, there's the small detail that Bankman-Fried and FTX associates gave $300,000 to the very same House Committee members that are investigating him, per the Washington Free Beacon:

Bankman-Fried and his co-founders at FTX contributed $300,351 to nine members of the House Financial Services Committee, according to Federal Election Commission records. Some of the largest contributions were to Democrats on the committee’s Digital Assets Working Group, which worked on regulation of the crypto industry. 

Recall that Maxine Waters has been already widely lampooned and ridiculed for the gentle treatment she has given Bankman-Fried thus far.  In an endearing sounding Tweet to SBF on December 2, 2022, asking him to testify in front of Conrgess, she wrote: "We appreciate that you’ve been candid in your discussions about what happened at FTX. Your willingness to talk to the public will help the company’s customers, investors, and others. To that end, we would welcome your participation in our hearing on the 13th.”

The public was not amused by Waters' approach.

“If you don’t arrest him I will have lost all faith in our government being the tiniest bit of just,” bitcoin advocate Dan Held responded to Waters. 

“Rep. Waters, we appreciate that you’re holding a hearing on the 13th, and we look forward to substantive fact-finding about what happened at FTX. I am certain that factfinding will show that SBF has not, in fact, been candid in his discussions. He committed fraud, full stop," commented Lawyer Jake Chervinsky.

And then Bankman-Fried himself humiliated Waters by publicly shunning her offer to testify, telling Waters he wasn't sure if he'd be able to testify on December 13th. 

"Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain," he wrote to her on Twitter. 

And to think, SBF dodging the question of an appearance before the House on December 13 came even after Waters blew Bankman-Fried a kiss...

We guess the ole' Willie Brown treatment doesn't quite work with the charm it used to. Maybe Maxine can have Kamala Harris stand in for her next time. 

(Article by Tyler Durden republished from

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