BREAKING: SEC General Counsel Resigns After Possible Links To FTX Collapse Revealed

December 27, 2022 1:50 pm Comments

A new report just revealed that the general counsel of the SEC will soon resign from his role at the end of this year.

Coincidentally, the resignation of the SEC’s General Counsel comes directly after the revelation that he had previously had many meetings and “dinners” with FTX founder Sam Bankman-Fried.

The announcement was quite shocking given that General Counsel, Dan Berkovitz, had worked in these government agencies for many decades.

What they had specifically talked about in the meetings has not been revealed yet, but it raises the questions that many speculators had about what exactly is the relationship between the SEC and FTX.

Another coincidence that happened is that this resignation announcement came out on the same day that SBF was released on a $250 million bail.

Some lawmakers in Congress have already called this out and are requesting for an investigation into the relationship between FTX and the SEC. reports:

Several emails acquired by the watchdog Protect the Public Trust revealed that Berkovitz maintained a cordial relationship with Sam Bankman-Fried and FTX. In the report, Dan Berkovitz, Sam Bankman-Fried, FTX General Counsel Ryne Miller, and FTX Brett Harrison met in an opulent restaurant in October 2021.

“If ever there was 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, said.

“Not long before its demise and a slew of fraud charges, SBF and his gang were doubtlessly courting one of their would-be regulators to try to manipulate the regulations to their advantage,” he added.

The most outspoken member of Congress on this particular matter is Republican Senator Tom Emmer who recently stated that the two parties had an unusually high number of meetings.

To understand how many meetings they had, the data shows that the SEC had more meetings with Sam Bankman-Fried than any other company in crypto.

Speculators are questioning this and are thinking that the intention may have been to create a regulatory environment that was favorable specifically for FTX.

Whatever the case is, it is clear that the SEC has failed to protect investors from losing their capital.

So far, the agency has only been focused on lawsuits against genuine crypto projects that provide value to the industry such as XRP and have failed to stop genuine risks like FTX from operating until it was too late.

This means that the leadership of the SEC does not act in the best interests of investors or is incapable of doing so. concludes:

Keeping a cordial relationship with crypto exchange founders as federal officials jeopardize the credibility and objectivity of regulations approved to serve as a watchdog for the activities occurring within the cryptocurrency ecosystem.

The market looks set to go through some instrumental and lifetime transitioning to ensure that crypto investors and traders remain loyal and optimistic about the proceedings of the space.

Thus, to enhance this, federal characters who occupy pivotal roles in enacting these regulations set to steady the foot of crypto investors in the space should condemn every friendly relationship with crypto exchange founders to avoid suspicion and doubt.

The market’s future is at stake if federal officials do not desist from keeping cozy relationships with crypto exchange founders. However, if caught, such persons should immediately leave offices.

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