Read the full text of Sam Bankman-Fried's planned testimony, which a congressional panelist called 'absolutely insulting'

• FTX founder Sam Bankman-Fried was arrested before he could testify about his exchange's collapse.
• He did prepare a testimony, which a member of the House Financial Services Committee called "absolutely insulting."

Disgraced FTX founder Sam Bankman-Fried was scheduled to testify before lawmakers on Tuesday about the collapse of his crypto exchange, but couldn't show up because he was arrested the day before in the Bahamas.

However, Bankman-Fried had prepared a testimony for the House Financial Services Committee. It wasn't read out in full at the hearing, but congressional leaders had a copy of the draft on hand.

"I would like to start by formally stating, under oath: I fucked up," the draft's opening reads.

In the draft, Bankman-Fried goes on to discuss what he perceives as his biggest mistakes at FTX, a partial list of misstatements that he wants to correct the record on, and more.

Rep. Emmanuel Cleaver of Missouri took issue with the written statement, calling it "absolutely insulting."

"I don't know him personally. But this testimony is so disrespectful. I mean, there's not a person up here who'd like to show this to their children," he said.

Bankman-Fried's spokesperson, Mark Botnick, told Insider he had no comment on the planned testimony.

Copies of the planned testimony were first obtained by Forbes and Bloomberg. Read the 18-page draft below.