by Pam Martens and Russ Martens at Wall Street on Parade
The past 48 hours has brought major developments in the battle lines being drawn in the crypto wars.
Let’s start with the unusual letter that Senator Sherrod Brown (D-OH) sent yesterday to Sam Bankman-Fried, the ousted CEO of the collapsed and scandalized crypto exchange, FTX, via his new lawyer, Mark S. Cohen.
Typically, if you want a witness to testify at a Senate Banking Committee hearing, one doesn’t tell his attorney in writing that you know the witness is guilty of law-breaking activities. (But then, again, most people credibly alleged to have done what Sam Bankman-Fried has done would by now be warming a cot in a cold prison cell.)
Brown advises in the letter that “There are still significant unanswered questions about how client funds were misappropriated, how clients were blocked from withdrawing their own money, and how you orchestrated a cover up.”
Senator Sherrod Brown goes on in the letter to order Bankman-Fried to appear before the Senate Banking Committee next Wednesday, December 14, at 10 a.m. Brown wants a confirmation of that appearance by 5:00 p.m. today. If Brown doesn’t get that confirmation, he advises that he is “prepared, along with Ranking Member Pat Toomey, to issue a subpoena to compel your testimony.”
The Senate Banking hearing is titled “Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers.” It presently has just two witnesses officially scheduled:…
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