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SBF’s donations allegedly secured regulatory access while FTX operated fraudulently. Coinbase seeks SEC transparency on crypto enforcement spending under Gensler. Calls grow for an investigation into SEC favoritism and SBF’s political ties. The FTX collapse continues to fuel serious questions about whether regulators showed favoritism and were influenced by politics. As crypto lawyer John E Deaton points out, Sam Bankman-Fried (SBF), the disgraced founder of FTX, allegedly used $10 million in donations to the Biden administration to gain special access to regulators.  This calculated move apparently allowed him to cultivate relationships with key officials, including those at the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).  Coinbase Demands Answers on SEC Enforcement Spending Meanwhile, SEC Chair Gary Gensler aggressively pursued enforcement actions against other crypto firms while meeting with SBF multiple times.  Because of this, new calls for accountability are surfacing, with Coinbase leading the push for transparency about the SEC’s enforcement spending. SBF’s Political Donations Opened Doors to Regulators SBF’s financial contributions reportedly helped him meet with regulators repeatedly, giving him an advantage over others in the crypto industry. For example, he met with CFTC Chair Rostin Behnam on several occasions, raising questions about whether FTX was getting special treatment.  Related: SEC Clears Path for Consensys After Dropping Legal Battles with Coinbase, Gemini, and More Adding to the suspicion, House Representative Maxine Waters acted strikingly warm toward SBF, further increasing speculation about political favoritism. Reports also say Gensler met with SBF at least twice, with rumors suggesting they were close to reaching an agreement that would benefit FTX. Stolen Customer Funds May Have Fueled Donations Beyond just getting regulatory meetings, the source of SBF’s political donations adds even more controversy.  Reports indicate that the funds came from stolen FTX customer assets. If this is proven,…

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Filed under: News - @ March 4, 2025 5:21 am