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Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during a Senate Agriculture, Nutrition and Forestry Committee hearing in Washington, D.C., on Wednesday, Feb. 9, 2022.

Sarah Silbiger | Bloomberg | Getty Images

FTX founder Sam Bankman-Fried has agreed to testify before the House Financial Services Committee at a hearing about the crypto exchange’s collapse on Tuesday, he said in a series of tweets Friday morning.

There’s been a lot of back and forth in Washington over whether lawmakers would have to subpoena Bankman-Fried, who said he would voluntarily testify since the committee “still thinks it would be useful.” It was unclear whether he would show up on Capitol Hill in person or stay in the Bahamas where he’s been holed up for much of the time since his company filed for bankruptcy last month, holding interviews with reporters.

In his tweet thread, the disgraced former “darling” of crypto appeared to lay blame on Binance founder Changpeng “CZ” Zhao.

The ex-CEO of FTX has been on a media blitz the last month talking about the implosion of his crypto empire, but this will be the first time the public has the chance to hear from SBF under oath.

Bankman-Fried wrote that he still did not have access to much of his data, professional or personal, so there was a “limit” to what he would be able to say.

“I won’t be as helpful as I’d like. But as the committee still thinks it would be useful, I am willing to testify on the 13th,” continued the post.

Bankman-Fried used his tweet thread to antagonize Binance boss Zhao, claiming that he had “won,” and that the restrictions that Zhao wanted to impose as part of Binance’s aborted bailout were excessively onerous.

Bankman-Fried didn’t think there were any winners, he said in a tweet.

“Seeing how CZ talks, I’m pretty sure he does,” Bankman-Fried continued.

“Sam was so unhinged when we decided to pull out as an investor that he launched a series of offensive tirades at multiple Binance team members,” Zhao wrote in a Twitter thread.

In the days leading up to FTX’s collapse, Zhao was heralded as a potential savior for the exchange. FTX was once considered to be the most stable and reliable crypto exchange in the industry, but an article from CoinDesk revealed an alarming concentration of self-issued FTT tokens being used as collateral for billions in loans for Alameda Research, Bankman-Fried’s crypto hedge fund. The article, paired with Alameda CEO Caroline Ellison’s tweet activity, sent FTX into a liquidity crisis.

Bankman-Fried was responding to a series of tweets posted by Zhao about why Binance walked out on the potential acquisition offer. When Binance stepped away, FTX fell into freefall, ultimately filing for bankruptcy protection shortly after.

Zhao torched Bankman-Fried for rampant spending on vanity projects from marketing to “mansions.” He was responding to a Thursday morning appearance by CNBC contributor Kevin O’Leary on “Squawk Box.”

O’Leary had said that he lost his entire $15 million payday and was embarrassed at his lack of due diligence.

Bankman-Fried has played coy with lawmakers, despite a threat to subpoena him from the Senate Finance Committee this week and repeated demands from House Financial Services Chair Maxine Waters, D-Calif., to testify under oath at that panel’s hearing.

Investors and regulators have been seeking answers from Bankman-Fried for some time now. Despite several highly publicized media and Twitter spaces appearances, the former billionaire has revealed little about the chaotic final days at FTX.

A growing number of investors and pundits believe that the only place Bankman-Fried should be is in prison. Legal experts CNBC spoke with say that his sentence could hypothetically run for his entire life, if convicted.

Before Bankman-Fried agreed to testify, CNBC reported that Waters was not planning to subpoena the ex-billionaire. Waters pushed back, claiming a subpoena was “absolutely” on the table.

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New electric bike license scheme to be tested on school-aged riders

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New electric bike license scheme to be tested on school-aged riders

Get ready, children. There’s a new electric bike licensing scheme that will soon be tested as one of several methods designed to help educate young riders on responsible road use and combat the growing concern of dangerous e-bike riding among youths around the world.

Known as the Student Bicycle License Scheme (SBLS), the proposal in New South Wales, Australia, will operate as a trial of a new licensing program for electric bike riders. The program targets school-aged e-bike riders in response to a growing number of accidents and misuse cases involving young riders.

The pilot program will require students to complete an online training course and pass a knowledge test before being issued a digital license to ride an e-bike or e-scooter. The scheme is expected to launch later this year in select schools, and if successful, could pave the way for a broader rollout.

Schools in Sutherland and Newcastle have reportedly expressed interest in joining the program, which leaves it up to individual schools to decide how they wish to use the new license program. For example, they can make it mandatory for students who want to ride to school or use secured bicycle parking facilities at the school.

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Police in Sydney stop an electric bike rider (image via: Reddit)

The trial will initially focus on education rather than enforcement. Students who complete the course will receive a digital “ride-ready” credential, but there are currently no plans to introduce fines or penalties for unlicensed riders during the pilot phase. The government is partnering with road safety experts and schools to develop the training materials, which will cover speed limits, helmet use, sidewalk etiquette, and proper intersection behavior.

Australia’s National Transport Research Organisation is also reviewing current electric micromobility laws, with a report expected by the end of the year. The Queensland trial is seen as a possible blueprint for other regions facing similar safety concerns.

The announcement comes as electric bikes become increasingly popular among Australian youth, not just as toys, but as practical transportation to and from school, work, and social events. With that growth has come scrutiny – several high-profile crashes, some involving modified or overpowered e-bikes, have pushed lawmakers to act.

The same phenomenon is playing out around the world, including in Europe and the US, where young riders have increasingly taken to electric bikes as an alternative form of transportation, though one that has raised concerns around road safety among a young populace who has yet to learn the rules of the road.

Electrek’s Take

This is one of several school-level educational outreach programs we’ve seen pop up lately, and I think these are great ideas.

While the idea of requiring a license to ride an e-bike might sound extreme in some places, Australia’s approach here is education-first, and it could actually be a smart move. It also seems like the license is designed to be effective without being a burden. If you can grasp the knowledge, you can pass the test. And since many of the issues surrounding young e-bike riders arise from a general ignorance of road rules, this could be an effective solution. Teaching young riders the rules of the road before they hit the pavement might help reduce injuries and improve public perception of micromobility. Plus, the fact that it is a digital license means that there would presumably be fewer costs involved, which will hopefully allow the program to be free of charge and further reduce the burden of the licensing process.

Of course this won’t do anything for the “hooligan” riders who know the rules and simply don’t care, but that’s where enforcement has to step in as the heavy-handed partner to education.

I think this is a great example of balanced e-bike regulation. A measured mix of education and enforcement is key to ensuring e-bikes remain safe while taking advantage of their myriad benefits to the public. And hey, it sure makes a lot more sense than NYC trying to cut the speed of all electric bikes in half overnight.

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California set to BAN Tesla sales, Vietnam leads the way, and VW value tanks

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California set to BAN Tesla sales, Vietnam leads the way, and VW value tanks

The State of California is moving to ban the sale of Tesla cars amid claims that the company and its CEO, Elon Musk, have misled buyers about the self-driving capabilities of their cars. We’ve also got market-leading news out of Vietnam and a pricey, pricey lesson for one VW ID.Buzz buyer on today’s lesson-learning episode of Quick Charge!

We also ask what this might mean for the recent Uber/Lucid autonomous taxi tie-up and go through a full rundown of the fastest depreciating EVs on the market (and yes, there are four Tesla models in the top 10 … because the Cybertruck was too new to qualify).

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (most weeks, anyway). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

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Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.


If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

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Sunrun’s 37,000 home batteries are bailing out Puerto Rico’s grid

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Sunrun’s 37,000 home batteries are bailing out Puerto Rico’s grid

Sunrun is putting tens of thousands of home batteries to work in Puerto Rico as the island’s electric grid faces a summer of high temperatures and energy shortfalls.

The company says it’s now dispatching energy from over 37,000 residential batteries to help grid operator LUMA keep the lights on. That stored power is being used to prevent rolling blackouts when demand spikes and centralized power plants can’t keep up.

Sunrun’s emergency power contribution has grown more than tenfold since last summer. LUMA expects more than 75 energy shortfall events between now and October, with each dispatch sending electricity to the grid for four consecutive hours. During several recent evenings, Sunrun and other virtual power plant (VPP) operators provided enough energy to offset a 50-megawatt generation gap, LUMA said.

Sunrun CEO Mary Powell said Puerto Rico’s aging infrastructure and intense weather patterns make home battery support increasingly critical:

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It’s going to be a very difficult summer, which is why Sunrun has ramped up our dispatch capabilities, using tens of thousands of home batteries to support the grid and people of Puerto Rico.

She added that distributed power plants like Sunrun’s serve the same role as natural gas peaker plants – offering fast, reliable power during high-demand moments – but with clean energy.

Sunrun customers enrolled in the VPP will get paid too. Each participating battery earns about $200 minimum for the season, and customers who allow more of their stored energy to go to the grid earn even more. Sunrun also earns revenue for operating the VPP.

Read more: The US’s largest virtual power plant now runs on 75,000 home batteries


The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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