FTX Collapse Congress Investigation Begins! (SBF, Caroline, CZ Binance, & Kevin O’Leary)

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 
to the channel if you're not we're going to take   You through it every day of the week turn on 
notifications if you haven't and you'll be the   First to get updated on our videos by the way 
if you're planning to attend Bitcoin conference   2023 let's hang out it's going to be epic use code 
altcoin daily 10 off this is the biggest Bitcoin   Conference in the world use code altcoin daily 10 
off see there web3 is a joke comedy show and panel   If you're in the LA area or Southern California 
area actually the Santa Monica area Friday   December 16th get your tickets for this I'll leave 
a link in the description hope to see you there


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