Rep. Maxine Waters Proposes SBF Appreciate Hearing To Clarify FTX’s Fall

Maxine Waters, Chair of the House Financial Services Committee, praised Bankman-Fried’s candid comments about the FTX collapse and invited him to a committee hearing on December 13.

Waters shared her views on Twitter:

Later this month, Waters’ committee will have its first hearing on the FTX tragedy. The Democratic chair and ranking Republican Rep. Patrick McHenry, R-N.C., both stated that they expect to hear from SBF and others involved in the disaster.

Since filing for Chapter 11 bankruptcy protection with FTX, disgraced billionaire, SBF has repeatedly apologized for what he had done wrong.

This week, the former FTX CEO intimated that he would participate in future congressional hearings, but he did not say whether he would accept Waters’ offer.

The Senate Agriculture Committee convened its first FTX hearing, and the Senate Banking Committee is seeking to schedule its own.

According to court documents, SBF’s businesses mainly include trading company Alameda Research, founded in 2017, and cryptocurrency exchange FTX, launched in 2019, which has had a net loss of $3.7 billion since its inception.

An updated breakdown of the group’s cash holdings is included in the file, submitted late Monday by Alvarez & Marsal North America LLC, the prospective financial advisor to FTX Group. It states that the most recent data have much greater cash balances than the debtors were in a position to verify as of November 16.

The Alameda silo, dotcom silo, ventures silo, and West Realm Shires (WRS) silo all have cash balances that contain both their debtor and no-debtor firms. According to the petition, $751 million is owned by debtor businesses, while the remaining $488 million is held by non-debtor entities.

FTX Japan had a cash balance of $171.7 million, while controversial trading firm Alameda Research and related firms’ cash balances total nearly $401 million, according to a Bloomberg report.

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