Faced with the suspicion generated by these meetings, the report ensures that regulatory issues related to cryptocurrencies and the role played by exchanges were discussed.
- Sam Bankman-Fried visited at least four times the White House in 2022
- Some meetings do not appear in the visit log
- It is believed that he discussed regulatory issues associated with cryptocurrencies
- These meetings generate suspicion among critics and analysts
More information related to the case continues to emerge. FTX, and this time a report published by Bloomberg notes that Sam Bankman-Fried (SBF), founder and former CEO of the exchange, held meetings at the White House from the US that would not have been indicated in the visitor records managed by the government entity.
Bankman-Fried meetings at the White House
According to the report published by Bloomberg, SBF would have visited the White House on at least four occasions throughout 2022, and that the most recent meeting was with the president’s adviser, Steven J. Ricchetti, with whom he met on September 8. Previously the founder of FTX He would have spoken with the policy adviser, Charlotte Butash, in a meeting they held in mid-May of this year.
Regarding the issues discussed in these meetings, the reports indicate that these were not related to the political financing carried out by SBF. Instead, the meetings were intended for conversations about the cryptocurrency industry, especially exploring the role of exchanges in the midst of the complicated regulatory landscape in the US.
Let’s keep in mind that there was a meeting that was recorded in May of this year. There Bankman-Fried and company spoke with Ricchetti and Butash, and although there are no records on the topics discussed, this meeting coincides with the dates on which the US Securities and Exchange Commission (SEC) debated with the Commodity Futures Trading Commission (CFTC) on possible regulations in the cryptocurrency space.
As for this meeting, it took place a month before FTX request the CFTC the modification of a certain license to offer crypto derivatives to clients residing in the US.
financing political campaigns
Although today it is not uncommon for government officials to hold official meetings with members of regulatory bodies and government representatives, what happened with FTX and the charges that Bankman-Fried faces raise a lot of suspicion about the motives behind such meetings.
Let us bear in mind that in the framework of the investigations after the fall of FTX, Bankman-Fried himself revealed that he donated significant amounts of capital to both the Democratic and Republican parties, this to finance initiatives and political campaigns on both sides, which is believed to be done to gain political support in favor of the interests of their companies.
Due to unofficial meetings with SBF and directors of FTX, SEC general counsel, Dan Berkovitz, had to present his resignation letter to the regulatory body, so he will leave his post as of January 31, 2023.
The funds of FTX
Now under new management, FTX is trying to recover the funds allocated by SBF to finance political campaigns. The exchange declared bankruptcy before the US authorities, so the agencies assigned to the case are trying to get the respective capital back to do the corresponding compensation work.
A recently published report by the Bahamas Securities Commission revealed that the regulator has in its possession some USD $3.5 billion in cryptocurrencies in its custody, and would be waiting for instructions from the Supreme Court to proceed to return them to affected clients after the collapse of FTX.
Article by Angel Di Matteo / DiarioBitcoin
Picture of Unsplash
CAVEAT: This is an informative article. DiarioBitcoin is a communication medium, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. They may not be appropriate for retail investors, as the entire amount invested could be lost. Check the laws of your country before investing.