Documents reveal the strategy and tactics behind founder Sam Bankman-Fried's regulatory agenda, including previously unreported terms of a deal announced earlier this year with IEX Group.
Four lawyers said the fact that Bankman-Fried was courting regulators while taking massive risks with customer funds without anyone noticing exposes a yawning regulatory gap in the cryptocurrency industry. “It’s a patchwork of global regulators -- and even domestically there are huge gaps,” said Aitan Goelman, an attorney with Zuckerman Spaeder and former prosecutor and CFTC enforcement director.
That's where FTX's acquisition spree came in, according to the documents. Instead of applying for every license, which can take years and sometimes uncomfortable questions, Bankman-Fried decided to buy them. A prime example is the IEX deal, which was announced in April. In a joint interview to CNBC, Bankman-Fried and IEX CEO Brad Katsuyama said they wanted “to shape regulation that ultimately protects investors.” What matters the most here, Bankman-Fried added, is that “there is transparency and protection against fraud.”Bankman-Fried was invited to meet SEC Chairman Gary Gensler and other SEC officials along with Katsuyama in March.
Whatever his involvement, FTX talked up its discussions to its investors. In a September meeting of its advisory board, FTX said talks with the SEC were "extremely constructive."The person familiar with the SEC’s thinking said they would dispute FTX was in the “pole position.” Anything the SEC did to regulate crypto trading would be open to all market participants, the source said.
The regulator, South African Financial Sector Conduct Authority, did not respond to a request for comment.
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