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

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.


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

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Nelson Wang

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