US Lawmakers Criticize Timing of SBF’s Arrest

Some United States lawmakers have come out to criticize the move by authorities to secure the arrest of Sam Bankman-Fried (SBF) before he could testify before Congress over the collapse of his crypto exchange FTX.

Recall that on Monday, the disgraced founder was arrested by Bahamian authorities at the request of the U.S. government, based on a sealed indictment filed by the United States Attorney for the Southern District of New York. 

The arrest happened just a day before he was due to testify before the United States Congress over the collapse of his crypto empire.

US Reps Question Timing of SBF’s Arrest

Displeased with the timing of his arrest, Rep. Lee Zeldin said the House Financial Services Committee had prepared to grill SBF “six ways to Sunday” during the scheduled hearing, adding that “now breaking tonight, SBF was just arrested. Why not allow him to 1st testify tomorrow and answer our many questions?”

Chairwoman of the financial services committee Rep. Maxine Waters also criticized the move, saying that the arrest jeopardized Congress’s plan to secure SBF testimony over the collapse of FTX.

“Although Mr Bankman-Fried must be held accountable, the American public deserves to hear directly from Mr Bankman-Fried about the actions that’ve harmed over one million people, and wiped out the hard-earned life savings of so many,” she said.

She added that the public has been anticipating getting answers from SBF under oath before Congress, and “the timing of this arrest denies the public this opportunity.”

Aside from lawmakers, the timing of SBF’s arrest was also met with criticism from others. According to Javon A. Price of the America First Policy Institute, the move aimed to prevent “mega-Democrat donor Sam Bankman-Fried” from testifying in front of Republicans on the House Financial Services Committee.

Legal Pressure Mounts on SBF

Meanwhile, legal pressure has continued to mount on SBF since his crypto empire collapsed and filed for Chapter 11 bankruptcy in early November. 

The United States Securities and Exchange Commission (SEC) announced earlier today that it is preparing to file charges against SBF, which are separate from the ones leading to his arrest in the Bahamas.