Regulator wined and dined by SBF and FTX out at the SEC

Regulator wined and dined by SBF and FTX out at the SEC

  • December 22, 2022

Christopher Hutton, Washington Examiner

A regulatory official who had previously dined with FTX founder Sam Bankman-Fried and his lobbyists has stepped down from his role at the Securities and Exchanges Commission.

SEC General Counsel Dan Berkovitz announced that he is departing his role at the agency effective Jan. 31, the agency said. Berkovitz was an ally of FTX within the financial regulatory agency and had meetings with SBF and other crypto lobbyists.

Principal Deputy General Counsel Megan Barbero will take over for Berkovitz upon his departure.

“After thirty-four years of public service, it is time for me to pursue new and different challenges and opportunities,” Berkovitz said.

It comes after the Washington Examiner revealed Berkovitz cozy relationship with SBF and FTX thanks to emails obtained by the watchdog Protect the Public’s Trust. “If ever there were a scene to conjure up a vision of a D.C. rigged toward corrupt insiders at the expense of the little guy, it would be difficult to top this one,” Michael Chamberlain, director of Protect the Public’s Trust, told the Washington Examiner. “Not long before its collapse and a raft of fraud charges, SBF and his gang were wooing one of their would-be regulators no doubt to try to manipulate the regulations to their advantage.”

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