close video Is Sam Bankman-Fried going to jail for FTX meltdown?
Former U.S. Justice Department fraud section federal prosecutor David Maria discusses the legal consequences of Sam Bankman-Fried’s alleged fraud on ‘Cavuto: Coast to Coast.’
FTX founder Sam Bankman-Fried said on Friday that he is willing to testify before lawmakers about the collapse of the crypto exchange.
"I still do not have access to much of my data – professional or personal. So there is a limit to what I will be able to say, and I won't be as helpful as I'd like," he tweeted. "But as the committee still thinks it would be useful, I am willing to testify on the 13th."
The 30-year-old said that he would try to be helpful and shed light on the cryptocurrency exchange's U.S. solvency "and American customers," pathways that could return value to users internationally, what he believes led to the crash and his "own failings."
"I had thought of myself as a model CEO, who wouldn't become lazy or disconnected. Which made it that much more destructive when I did," Bankman-Fried added. "I'm sorry. Hopefully people can learn from the difference between who I was and who I could have been."
HOUSE FINANCE CHAIR REP. MAXINE WATERS SUBPOENA OF SAM BANKMAN-FRIED OVER FTX COLLAPSE 'ON THE TABLE'
FTX founder Sam Bankman-Fried speaks during an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, Wednesday, Aug 17, 2022. (Photographer: Jeenah Moon/Bloomberg via Getty Images / Getty Images)
He was responding to California Democratic Rep. Maxine Waters who tweeted on Dec. 5 that, based on his role as CEO and recent media interviews, it was clear to the committee that the information he has thus far is "sufficient for testimony," saying that it was "imperative" he attends a hearing on Dec. 13.
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Representative Maxine Waters, a Democrat from California and chairwoman of the House Financial Services Committee, during a hearing in Washington, D.C., Wednesday, Sept. 21, 2022. (Photographer: Al Drago/Bloomberg via Getty Images / Getty Images)
"As you know, the collapse of FTX has harmed over one million people. Your testimony would not only be meaningful to Members of Congress, but is also critical to the American people," said Waters, the chair of the House Financial Services Committee.
The first call for Bankman-Fried to participate in a hearing on that date came on Dec. 2.
FTX founder Sam Bankman-Fried speaks during the Institute of International Finance annual membership meeting in Washington, D.C., on Thursday, Oct. 13, 2022. (Ting Shen/Bloomberg via Getty Images / Getty Images)
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"Rep. Waters, and the House Committee on Financial Services: 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," he replied two days later.