Sam Bankman-Fried allegedly collaborated with several former and current officials at top US agencies to oversee the operation of the collapsed ramp. Seemingly, their ultimate goal was to introduce concise regulations for the crypto industry.
Sam Bankman-Fried deals with current and former regulators
according to some sources say And the leaked emails show Sam Bankman-Fried, the former CEO of FTX, worked directly with several financial regulators to help oversee the operations of the fallen exchange. Most of their top representatives were former regulators.
He hired Raine Miller, a former regulator, who arranged some meetings to regulate FTX. Miller is popularly known for his role as former counsel to current US SEC Chairman Gary Gensler.
Meanwhile, Mark Wetzen served as head of policy and regulatory strategy for FTX. Wetjem initially served as Commissioner and Chairman of the CFTC during Obama’s presidency. He currently serves as a director of LedgerX.
FTX also brought troubled ex-CEO Jill Somers onto the US Derivatives board of directors. Jill initially served as CFTC Commissioner.
CFTC’s ‘Open Door Policy on FTX’
Miller arranged some meetings with former CFTC commissioner Dan Berkowitz, who is currently the SEC’s general counsel.
Several leaked emails show how Miller planned for Sam Bankman-Fried to share a meal with former CFTC commissioner and current SEC counsel Dan Berkowitz. After an investigation began regarding Berkowitz’s role at FTX, he announced his resignation effective January 31 of the following year.
Miller also invited CFTC Commissioner Don Stumo to have dinner with Bankman-Fried or visit the FTX offices in Chicago in November 2021. However, it is not clear whether Don accepted the invitation.
Dennis Kelleher, president of Better Markets, recently noted that the CFTC issued a open door Policy for FTX. The CFTC will arrange a meeting whenever the FTX so desires.
CFTC Chairman Rostin Behnum told the Senate Agriculture Committee that he had a meeting with Sam Bankman-Fried to consider the clearing house application for FTX. However the application was not approved.
SBF pressured to sign bankruptcy papers
Further reports suggest that Ryan Miller, among other attorneys for Sullivan & Cromwell, exerted great pressure on Sam Bankman-Fried to sign Chapter 11 bankruptcy papers.
In fact, according to Sam Bankman Fried, the lawyers pressured him and his friends, family members and co-workers.
The troubled ex-CEO was supposed to testify on the same, but was arrested in the Bahamas a day earlier.
#Sam #BankmanFrieds #FTX #tenure #included #current #financial #regulators