FTX Corruption: How SBF Played The System
- November 29, 2022
Ashton Cohen, BoldTV
Sam Bankman-Fried played with the government and got burnt. Much of the discussion surrounding the FTX debacle has centered on how the lack of crypto regulations allowed people like Sam Bankman-Fried to defraud everyone. The real lesson of the FTX corruption scandal, however, is that a member of the ruling class was once again able to manipulate the system to his advantage. And this is precisely what happens when a massive administrative state wields so much power in our government.
Multibillion-dollar healthcare corporations play an active role in shaping healthcare legislation. The largest pharmaceutical companies influence our drug laws. America’s largest food processors dictate our dietary and nutritional guidelines.
So it’s not surprising that Sam Bankman-Fried (SBF) decided to try the same thing. He gave millions to members of Congress and frequently met with Biden White House officials, the chairman of the SEC, and the chairman of the CFTC, all in an attempt to pass regulations that ran counter to everything Bitcoin stands for but would benefit his company while driving competitors out of the market.
Protect the Public’s Trust, an organization of former public servants, has announced an investigation into the extent of SBF’s attempts to manipulate future crypto regulations.