Regulation

The Bahamas lawyers up as the FTX case proceeds in US court and disagreements fester

The Bahamas may have authorized illustration within the unfolding FTX case. The Caribbean nation chose Brown Rudnick as counsel “in sure issues of engagement associated to the collapse of FTX Digital Markets Ltd.,” alongside Bahamian attorneys and different specialists, in response to a press release launched by the regulation agency. 

FTX Digital Markets is headquartered within the Bahamas and the highest administration of the corporate lived in that nation. Instances in opposition to the members of the administration staff at the moment are being heard in america, after former CEO Sam Bankman-Fried’s extradition from the Bahamas.

Brown Rudnick has been working for the Bahamas since March to develop a nationwide coverage assertion on digital property. The agency was re-engaged by the nation after the FTX collapse and late in December filed a registration assertion with the U.S. Division of Justice, as required by the International Brokers Registration Act of 1938. It stated:

“A number of the Registrant’s actions could contain preparation and dissemination of informational supplies and in any other case participating with U.S. authorities companies and the U.S. media.”

Brown Rudnick may put together written content material for social media on the behalf of the Bahamas, it stated.

The Bahamas has been energetic within the FTX case from its begin and variations with U.S. prosecutors started nearly instantly. A competing Chapter 15 chapter declare was filed in a U.S. court docket by the Bahamas the day after FTX filed for Chapter 11 chapter.

Associated: Hassle within the Bahamas following FTX collapse: Report

The Securities Fee of the Bahamas (SCB) ordered all FTX Digital Markets digital property transferred to a pockets it managed in the beginning of the chapter instances, resulting in criticism from the brand new FTX administration. This burgeoned into accusations that the SCB had requested Bankman-Fried to create a brand new token for it and that it was trying to favor the nation’s residents within the claims in opposition to the corporate.

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