What we know okay so there's two hearings that
are taking place next week There's the one in the House on Tuesday the Senate on Wednesday and he
has been asked to send bankman free to attend both Of these events welcome back everybody to altcoin
daily my name is Aaron the FTX Congressional and Senatorial trials are about to begin Tuesday and
Wednesday of this week Sam bankman freed who is The disgraced CEO of FTX which FTX was one of
the most popular cryptocurrency exchanges in The world until its collapse SBF is expected to be
at at least one of these trials Congress but might Get subpoenaed for both again Tuesday Wednesday
next week Congress and Senate conducting hearings Inviting and subpoenaing key players in ftxs and
alamitas rise and demise I want to remind you SPF she's no stranger to Congressional hearings
he was in 2020 2021 and even early 2022 he was Washington's poster boy for a good crypto CEO who
just wants Fair regulations for his industry this Is Sam bankman freed not too long ago assuring
Congress that his business model is transparent Unlike the financial markets pre-2008 crash
last thing that I'll say is if you look at What precipitated some of the 2008 financial
crisis you saw a number of bilateral bespoke Non-reported uh transactions happening between
Financial counterparties which then got repackaged And re-leveraged again and again and again such
that no one knew how much risk was in that system Until it all fell apart if you compare that to
what happens on FTX or other major cryptocurrency Venues today there is complete transparency
about the full open interest there's complete Transparency about the positions that are held
there is a robust robust consistent risk framework Applied and we're excited to work with the cftc
on our U.S license and regulated venue just one More small clip because SBF did this so often
over the last couple years last year I remember Watching the digital asset Hearing in Congress and
listening to SBF talk about how the digital asset Industry was setting the standard for preventing
Financial crimes oh the irony it's in the Johnson Ecosystem have advanced surveillance techniques
to prevent Financial crimes for All Digital Assets including stable coins conducting know your
customer policies and blockchain surveillance on All users and deposits and withdrawals through
our platform um and all legitimate stable coin Issuers in addition to that conduct sophisticated
know your customer policies on all issuers all Issuances and redemptions of those stable coins
um if you compare that to for instance physical Cash where no transactions effectively have know
your customer or anti-money line during Oriental Financial crimes a surveillance on them um
already I think that the Johnson industry Has uh set a pretty strong standard uh on that
front so SBF he's no stranger to Congress he had Relationships with many politicians in Washington
donated to many politicians in Washington why did He do that why did SBF put so much time and money
into relationships with The Regulators with the Politicians why did he do this was it to further
the crypto industry obviously we know now that That is not the case Sam bankman freed tried to
use Congress to do what many big companies many
Big tech companies did before him he tried to use
Congress to build a regulatory moat around FTX for Special treatment and protection what he actively
did was court the the politicians in DC he said Yes I wonder why exactly let's let's create some
regulations but to me this is very disingenuous This is what a lot of the big tech companies
do is they go to DC and they say sure regulate Us but what that's going to do is it's going to
entrench the monopolies the incumbents those that Already have a lot of market share and instead
it's going to help stiff arm their competitors And stifle competition so what he wanted to do
was effectively build a regulatory moat around FTX and some lawmakers were potentially biting I
mean he was donating to Kristen gillibrand um and Uh Joe Biden so he did donate these two Republican
Senators but 38 million the overwhelming majority Democrats by the way and I'll tell you what they
better give that money back we'll be watching this Very closely we will be keeping you updated every
step of the way so make sure you subscribe Tuesday And Wednesday is when this all goes down when
this all begins and we'll see if his political Relationships and donations help him now that his
fraud has been revealed to give you more context And how big the FTX fraud was and how much money
creditors are owed I'm sure SPF will be asked all About this let's go to Bloomberg's Matt Miller
Sam bankman Freed's bankrupt crypto Empire owes At least 50 of its unsecured creditors at least
21 million dollars in fact if you put them all Together these creditors which were listed
as customers in the filing on Saturday are Owed more than 3.1 billion dollars the top two
of them or owed at least 200 million dollars a Piece the biggest number for One customer
or unsecured creditors 226 million dollars And the smallest in the top 50 is 21 million
dollars the question is how are they now going To get that money back and where is Sam bankman
Freedom he is going to be asked to testify in Front of the senate in December Congress and the
Senate both looking to have hearings to look into FTX and SBF and find out exactly what happened
besides Sam bankman freed obviously we're all Looking forward to him getting questioned at the
Congressional hearings on FTX but besides SPF who Else can we expect to testify the senate committee
hearing so not the Congress hearing but the Senate Hearing not on the Tuesday but this one's on the
Wednesday the senate committee hearing they're Calling it crypto crash colon by the FTX Bubble
Burst and harm to Consumers they have Hollywood Star Ben McKenzie on the witness list Mackenzie an
actor known for his roles on the OC and Gotham has Been an outspoken critic of crypto particularly
for sale celebrities endorsing projects this does Seem like a weird one I do happen to know Ben
McKenzie is making a documentary or already put It out I remember seeing him at Bitcoin 2021 last
year and he didn't like crypto he was basically Doing a documentary on how crypto is bad and I
mean probably his documentary is going to get a Whole lot better if he was still filming into
2022 at least for his thesis so besides Ben McKenzie we're also going to see law professor
Hillary Allen on the witness list give us some
Legal that'll be interesting now these people are
not confirmed they're hoping to get somebody from Binance hopefully CZ they're hoping to get a
representative from Alameda hopefully Caroline She is in New York she is working with the FBI
allegedly so we might get a Caroline I doubt CZ would be there maybe somebody from binance us
will see besides that Shark Tank star and investor Kevin O'Leary might make an appearance if you
follow our Channel if you watched our video from Just a day ago not to mention any of our videos
for the past month you know Kevin O'Leary's Involvement in the FTX situation there's going to
be so much more information to cover this week as These Congressional hearings heat up subscribe
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