Has Bankman-Fried already cut a deal with the Federales to take-down CZ? Or will he go the Elizabeth Holmes/Theranos route of an insanity defense?
First up, Decrypt, November 15:
Berkshire Hathaway’s Vice Chairman remains staunchly skeptical of crypto in the wake of FTX’s collapse.
Having previously characterized Bitcoin as “rat poison” and a “venereal disease,” Charlie Munger now likens the most valuable cryptocurrency to child trafficking.
“There are people who think they’ve got to be in on every deal that’s hot,” he told CNBC on Tuesday, while reflecting on high-profile investors getting involved with the industry. “They don’t care if it’s child prostitution or Bitcoin. I think it’s totally crazy.”....
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And from CryptoNews, November 16:
Binance role in FTX collapse under congressional scrutiny
Binance’s role in the sudden collapse of FTX, an event that sent reverberations around crypto markets, has come under congressional scrutiny, a senior House Republican confirmed to The Block.
“This is serious. I think that this is a major event,” Rep. Patrick McHenry, R-N.C., told The Block while acknowledging that Binance’s role in the sudden meltdown will be one of the focuses of a December hearing announced this morning.
The North Carolina Republican — the likely next chairman of the House Financial Services Committee — referred to a widely circulated internet meme that used footage from television show "The Office" to highlight the role public comments made by Binance CEO Changpeng "CZ" Zhao played in FTX’s sharp decline.
FTX filed for Chapter 11 bankruptcy protection on Nov. 11.
In separate remarks to reporters, McHenry demurred as to whether former FTX CEO Sam Bankman-Fried has agreed to appear at the hearing, or if the embattled crypto mogul would be subpoenaed.
“The first step is a bipartisan call for a hearing,” the current ranking member of the House Financial Services Committee said. “We’re certainly going to prioritize this next Congress.”
McHenry told reporters that Committee Chair Maxine Waters, D-Calif., has similar concerns to his over the crypto meltdown. “It’s a bipartisan call. We’re going to work together on who those witnesses are in the process forward.”
Asked if the FTX situation added urgency to negotiations around stablecoin legislation for a possible lame duck passage before the end of the current Congress in early January, McHenry said that was up to Waters as chair....
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Here's the Chair of the House Financial Services Committee, November 11:Chairwoman Waters’ Statement on Binance and FTX
