FTX Founder Arrested in Bahamas on Eve of Testimony Before House Financial Services Committee

The House Financial Services had scheduled for today one of the most high-profile hearings of the year.  FTX founder Sam Bankman-Fried was set to testify – remotely from the Bahamas – to the House Financial Services Committee today about the collapse of the FTX.  He had told the committee he would not take the 5th amendment.  And then, last evening he was arrested in the Bahamas. 

“The arrest was made based on a sealed indictment filed by the U.S. Attorney’s Office Southern District of New York, the U.S. attorney said. The charges in the indictment include wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering.”  (WSJ)

It is not yet clear how good the video conferencing facilities are in Bahamian jails. 

Government funding runs out on Friday – but today the House is set to vote on a one-week continuing resolution (CR) to keep the government open.  There is increasing optimism that negotiators will reach an agreement on a full-year omnibus spending bill, but it will take time to draft the details before it is ready for a vote in the House and Senate.  The one-week CR will give them some additional time.  They still have not reached an agreement on a "top line” spending number – but the range has narrowed and staff has been able to draft large sections of the spending bill that will be ready to go once a final deal is reached.  The desire and hope to complete the 117th Session of Congress before Christmas is real and a significant motivating factor.  Deadlines do work.


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