SBF Will Testify to Congress on Tuesday, with SEC Chair Gary Gensler Urged to Give Evidence

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The House Financial Services Committee has confirmed that Sam Bankman-Fried will be attending a hearing about FTX's collapse on Tuesday.

The 30-year-old had come under increasing pressure to offer testimony to U.S. politicians, and was being threatened with a subpoena if he had failed to do so.

"Investigating the Collapse of FTX" will also hear from John J. Ray III, who succeeded SBF as CEO after the exchange was tipped into bankruptcy.

It is unclear whether SBF is planning to travel to Washington, D.C. for the hearings — but he has been given the option to take part remotely from The Bahamas.

In other developments, Bankman-Fried has told the BBC that he wants to start a new business and compensate those who lost everything because of FTX.

While he expressed confidence that he won't be arrested for fraud, the embattled entrepreneur admitted that he has been "ruminating at night" and is worried about being detained.

SBF also pushed back on allegations that he is lying about what went down at FTX and Alameda Research, with former colleagues claiming he isn't telling the truth.

He isn't the only one who is coming under pressure to testify in front of Congress.

Rep. Tom Emmer, who also sits on the House Financial Services Committee, has accused SEC Chairman Gary Gensler of "repeatedly dodging Congress at the expense of investors."

In a Twitter thread, the politician said Gensler must "answer questions about the cost of his regulatory failures."

There are also signs that FTX's implosion is having an effect on Bankman-Fried's family.

Last week, The Stanford Daily reported that SBF's parents, Joseph and Barbara, will no longer be teaching classes at Stanford Law next quarter.

She has insisted that this was part of a "long-planned" decision to retire, and has nothing to do with the scandal engulfing her son.