House Financial Services Chief Waters Not Planning to Subpoena Sam Bankman-Fried: Report

House Financial Services Chief Waters Not Planning to Subpoena Sam Bankman-Fried: Report

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Nelson Wang is CoinDesk’s news editor for the East Coast. He holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.

House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) told a group of Democrats that she doesn’t plan to subpoena former FTX CEO Sam Bankman-Fried to testify at a hearing on the crypto exchange’s collapse next week, according to a report from CNBC.

Waters told members of the committee about her decision at a meeting with SEC Chair Gary Gensler on Tuesday, according to CNBC’s sources.

The sources said Waters prefers to try to persuade Bankman-Fried to testify voluntarily rather than subpoena him.

Waters and Bankman-Fried have been tweeting at each other, with Waters inviting him to testify at the hearing on Tuesday. Bankman-Fried replied he felt that it was his “duty” to appear before the committee once he’s “finished learning and reviewing what happened.” But he noted that “I’m not sure that will happen by [Dec. 13].”

Though not yet formally charged with any wrongdoing, Bankman-Fried is reportedly being probed by both U.S. federal prosecutors and the Securities and Exchange Commission for his actions with respect to FTX and its sister company, Alameda Research.

A spokesperson for Waters did not immediately respond to a request for comment on the CNBC report.

UPDATE (Dec. 7, 23:29 UTC): Updated with additional information throughout.


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Nelson Wang is CoinDesk’s news editor for the East Coast. He holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.

Nelson Wang is CoinDesk’s news editor for the East Coast. He holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.

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