The U.S. and the Bahamas may compete to make an example out of Sam Bankman-Fried.
. Is there a path where SBF could get away with whatever he might have done on the grounds of bad recordkeeping, because nobody can prove anything without records? Or could a lack of recordkeeping in and of itself become a problem for SBF?Bad recordkeeping makes a case harder to make. It means that the regulators have to do more work, which means that they have to go abroad to find the books and records, because so much of FTX’s activities were offshore. They have to use their subpoena power.
That seems to be correct. I think the Bahamians were extraordinarily excited about having a crypto-favorable jurisdiction that’s near to the U.S., has fabulous weather, great lifestyle, and obviously tax laws that are favorable. So in that context, the Bahamians were set up as being a regulated crypto jurisdiction of the future. They hadthat basically set themselves up as a digital haven for entrepreneurs and venture capitalists. That was on the basis that they provided a regulated ecosystem.
They do two different things. So when you have securities fraud that rises to the level of criminal liability, in that case, the Justice Department will obviously get involved. One of the challenges that we are facing, exactly as you say, is regulators figuring out what exactly their role is in this process and the civil agencies. The SEC and the Commodity Features Trading Commission, which regulates derivatives and commodities in the U.S., have been duking it out for a while about which of them has authority over the cryptocurrency market.
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