Reuters House Financial Services Committee Chairwoman Maxine Waters told Reuters on Thursday that she is prepared to subpoena FTX founder Sam Bankman-Fried, if he does not agree to appear before the panel next week, and she is working out the best way to do it.
We made it clear that we want Sam to be at our hearing on December 13. Waters said in an interview in the U.S. Capitol that if he does not cooperate, then we are prepared to subpoena.
Regulators around the globe, including in the Bahamas, where FTX is based and in the United States, are investigating the role of FTX's top executives including Bankman-Fried in the firm's collapse, according to a report by Reuters. After a loss of $1 billion of customer funds, the exchange filed for bankruptcy last month.
Bankman- Fried was not charged with any crime, according to the Prosecutors and Regulators.
Waters said she would work out the procedure with Representative Patrick McHenry, the Republican lawmaker who will chair the committee when his party takes over control of the House in January, so she has the authority to issue a subpoena herself, but she can put it to a committee vote. She said no decision has been made so far. She said we'd probably do a vote. I have to work it out with Mr. McHenry how we do it. We will issue a subpoena. Waters said that's when we make our decision. It's only right and right, and makes good sense to say we want you here. She didn't say whether Bankman- Fried would have to appear in person or testify by video link.
A Bankman- Fried spokesman wouldn't say anything. McHenry's office was not immediately available for comment.