Notably, after a series of media tours, SBF is expected to appear before Congress and answer lawmakers’ questions regarding FTX’s management and the subsequent collapse of the trading platform. According to Clayton, SBF is likely to extend his narrative of denying any wrongdoing as exhibited during recent media appearances while noting that more should be expected from the hearing, he said during an interview with CNBC on December 12.
Need to remain authentic
He noted that Bankman-Fried should expect different questions since members of Congress are not constrained to what they should ask. However, he warned that SBF should aim to be authentic because that’s the focus of Congress. According to Clayton: He added: Due to the legal consequences, Clayton pointed out there might be no room for SBF to commit perjury.
The conduct of SBF in FTX collapse
On the conduct of SBF, the former SEC chair pointed out there is a ‘great deal of bad behavior’ in running a financial company. In this case, he highlighted that the United States laws are sufficient enough to deal with fraudulent activity. As reported by Finbold, SBF noted that he was willing to testify before Congress. However, he warned that he does not have sufficient information to explain what happened in relation to the FTX collapse. Notably, Bankman-Fried was pressured to appear before Congress by Maxine Waters, the chair of the U.S. House Committee on Financial Services. Indeed, Waters maintained that since SBF was on a media tour, he should appear before lawmakers to give his side of the story. In the meantime, Bankman-Fried maintains his innocence, stating that the collapse was due to the ‘massive correlation of things during a free market moves.’ He has also denied allegations of misappropriation of customer funds.
