Friday, January 27, 2023

They criticize the “neutral” stance on the SBF of the US House of Representatives.

The crypto community is criticizing the leadership of the United States House Committee on Financial Services for the tone of its invitation to Sam Bankman-Fried (SBF).

Committee Chair Maxine Waters on 2 December Tweeted an invitation to the founder of the bankrupt exchange. Waters praised SBF’s candor in discussing what happened at the company, saying “their willingness to speak with the public will help customers, investors and others in the company.”

House committee scheduled an investigative hearing for transactions Failed on 13 December. Committee analyzed FTX and its disappearance “Massive Consequences for the Digital Assets Ecosystem”, They invited all relevant entities like Binance which ultimately played a role in the collapse transactions,

Crypto community criticizes Waters’ SBF invitation

In the meantime, The crypto community has not taken kindly Waters’ invitation, as many have criticized the MP for her choice of words.

The LBRY crypto project, which recently lost a case to the US SEC, asked what it should do to get this friendly deal from the government.

Some even speculated that Waters tweeted because SBF had donated for its campaign, While some shared videos of him kissing the FTX founder.

Why is the crypto community worried?

Reports revealed that the SBF and its co-founders donated over $300,000 to nine members. House Financial Services Committee, Speaker Waters reportedly dodged questions about whether she was concerned about these political donations.

However, the SBF did not directly donate to the presidential campaigns., made substantial donations to his political party, the Democrats. He and his father also posed for a photo with the lawmaker at the Democratic retreat in Philadelphia in March.

Republican lawmaker asks SBF to testify before Finance Committee

Ranking Republican lawmaker Patrick Henry was more forthright when he asked the SBF to appear and testify before a House committee. Henry said:

“As you said, you have a duty to ‘try to do the right thing’ and ‘help the customers here.’ If that statement is true, please testify before the House of Financial Services.”

Meanwhile, the House Financial Services Committee isn’t the only federal body interested in the downfall of FTX. Member of the Senate Agriculture Committee He held a hearing on the matter on December 1, where he questioned Rostin Behnum, chairman of the Commodity Futures Trading Commission.


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Nation World News Desk
Nation World News Desk
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