House Financial Services Chief Waters Not Planning to Subpoena Sam Bankman-Fried: Report

However, Waters tweeted on Wednesday evening that "lies are circulating" that she's not willing to subpoena the disgraced former head of FTX.

AccessTimeIconDec 7, 2022 at 10:00 p.m. UTC
Updated Dec 8, 2022 at 12:32 a.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.

Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) told a group of Democrats that she doesn’t plan to subpoena former FTX CEO Sam Bankman-Fried to testify at a hearing on the crypto exchange’s collapse next week, according to a report from CNBC.

Waters told members of the committee about her decision at a meeting with SEC Chair Gary Gensler on Tuesday, according to CNBC’s sources.

The sources said Waters prefers to try to persuade Bankman-Fried to testify voluntarily rather than subpoena him.

However, Waters tweeted on Wednesday night that "Lies are circulating @CNBC that I am not willing to subpoena @SBF_FTX" and noted that "a subpoena is definitely on the table. Stay tuned."

Waters and Bankman-Fried have been tweeting at each other, with Waters inviting him to testify at the hearing on Tuesday. Bankman-Fried replied he felt that it was his “duty” to appear before the committee once he’s “finished learning and reviewing what happened.” But he noted that “I’m not sure that will happen by [Dec. 13].”

Though not yet formally charged with any wrongdoing, Bankman-Fried is reportedly being probed by both U.S. federal prosecutors and the Securities and Exchange Commission for his actions with respect to FTX and its sister company, Alameda Research.

UPDATE (Dec. 7, 23:29 UTC): Updated with additional information throughout.

UPDATE (Dec. 8, 00:31 UTC): Updated with latest tweet from Waters.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.