Sam Bankman-Fried Visited White House Amid Regulatory Fight

In May, FTX CEO Sam Bankman-Fried and his government affairs and policy team paid a visit to the White House as American lawmakers debated whether the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC) should serve as the primary federal market regulator for the cryptocurrency industry.

According to recently released visitor logs, Sam Bankman-Fried, Eloria Katz, the director of government relations and policy at FTX, and Mark Wetjen, the head of policy at FTX and a former CFTC commissioner, visited the White House in mid-May to meet with counselor Steve Ricchetti and policy advisor Charlotte Butash. The meeting topics were not covered in the logs.

FTX is now requesting permission from the CFTC to settle some crypto-related transactions directly.

TradFi sector has vehemently opposed this proposal – Sam Bankman

Terry Duffy, the CEO of CME Group, stated that FTX’s proposal for direct settlement was “fraught with hazard” during a hearing before the U.S. House Committee on Agriculture, which regulates the CFTC.

“The risk of this going into other markets is extremely detrimental” he said at the time.

Sam Bankman-Fried has often claimed that FTX has no ambitions to diversify outside of digital assets. On May 12, the day of the meeting with Ricchetti, he gave testimony before Congress at the same session.

When the CFTC will make a decision about FTX’s request is not yet known.

Bills that would give the CFTC additional control over the crypto market are now making their way through the House of Representatives and the Senate, but movement is sluggish.

During one of the sessions with Butash, Bankman-Fried and the FTX regulatory team were additionally joined by Gabriel Bankman-Fried, whose political action committee, Guarding Against Pandemics, seeks to enhance the government’s reaction to pandemics.

Coincu will continue to update the situation related to SBF, you can find out more information through this article.

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