Sam Bankman-Fried to testify at FTX hearing Tuesday

Yahoo Finance Live anchors discuss reports that Sam Bankman-Fried will testify before the House on Tuesday.

Video transcript

[AUDIO LOGO]

BRAD SMITH: We also got this week SBF. He is going to be-- at least now it is confirmed that he is going to be a part of the witnesses in the December 13 hearing. And this is going to be with the House Committee of Financial Services-- on Financial Services, rather.

And this was after kind of going back and forth. He had missed the deadline at first. And then he was able to be added to this list of witnesses. The other witnesses who are going to be involved-- you've got the new CEO of FTX John Ray, who will also be a witness and part of this broader process.

And this is just kind of a questioning period to figure out what happened. And Congress is going to try and best position themselves to have some type of-- some type of defense positioning for end users and consumers as well, who have gotten rocked by this FTX and are looking for answers at the end of the day, too.

JULIE HYMAN: Well, we aren't gonna get them this week, right?

BRAD SMITH: No. Nope.

JULIE HYMAN: I mean, it just feels like this is a long, long haul. I mean SBF keeps saying, I don't know what happened. I don't have access to the documents.

BRAD SMITH: Right.

JULIE HYMAN: Et cetera, et cetera. So it's going to take some time to unravel all of this.

BRAD SMITH: And He wants to start a new business to try and make other people who were impacted by this whole, too, which is gonna be interesting to see how that goes forward. [CHUCKLES]