Regulation

Sam Bankman-Fried and FTX Executives Met With CFTC Commissioner for Dinner in October 2021: Report

Disgraced FTX founder Sam Bankman-Fried reportedly dined with a member of the US Commodity Futures Buying and selling Fee (CFTC), the identical federal company he sought to have regulate the crypto trade, shortly earlier than the crypto trade collapsed.

In line with a brand new report by the Los Angeles Instances, FTX employed a number of former federal regulators, which gave Bankman-Fried entry to high-ranking CFTC officers.

The report finds that in October, Ryne Miller, FTX’s normal counsel, helped prepare a dinner at an upscale Indian restaurant in Washington, D.C. between Bankman-Fried and Dan Berkovitz, who on the time was a CFTC Commissioner.

Miller as soon as labored as authorized counsel for then-CFTC head Gary Gensler, who now chairs the U.S. Securities and Change Fee (SEC). Miller attended the dinner together with Bankman-Buddy and then-FTX President Brett Harrison. Others had been invited to the dinner however it’s unconfirmed in the event that they attended.

The listing consists of Zach Dexter, CEO of crypto firm LedgerX, former CFTC Commissioner Mark Wetjen, who joined FTX as head of coverage and regulatory technique, and Michelle Bond, the CEO of the Affiliation for Digital Asset Markets.

Berkovitz, who reportedly paid Miller again $50 for his dinner bills, has just lately resigned from his present place because the SEC’s Basic Counsel.

What was mentioned on the dinner is unclear, in line with the report.

Miller additionally invited CFTC Commissioner Daybreak Stump to a November 2021 dinner with Bankman-Fried or to go to the FTX workplaces in Chicago, but it surely’s unclear if Stump accepted the invitation.

Bankman-Fried is charged with defrauding buyers, mishandling buyer funds and making unlawful marketing campaign contributions. He just lately posted the most important pretrial bail of all time and is awaiting trial underneath home arrest.

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