of Top priorities for FTX and its former CEO Sam Bankman Fried (SBF) was to be the weakest, least funded, most penetrating and most captivating regulator in charge of crypto regulation. Because they wanted the shape and appearance of regulation without the reality of regulation.that regulator is Definitely CFTCwith fewer total employees (676 people) in 2022 than the forced cases brought in in 2022 (760) The SEC was the regulator that cryptocurrencies and FTX desperately wanted to avoid.Therefore, the overriding goal Nearly $100 million campaign spend When legislative effort It was to lead the CFTC.they were rewarded with two billsponsored by the Democratic and Republican heads of the Senate Agriculture Committee, very flawed FTX/SBF approved Specification Even after FTX collapsed!
Proving that the CFTC is the easiest to penetrate, capture and influence, CFTC chairman Behnam was a ‘very important ally’ of FTX and SBFcontinued to employ former CFTC officials to spearhead CFTC influence and lobbying tell everyone What a great regulator the CFTC has been, even after FTX exploded!). Revolving door adoption was an important part of FTX/SBF’s strategy. This is because you not only buy general knowledge and expertise, but also your own inside knowledge, access, influence and ultimately favorable outcomes. Former CFTC officials not only know many friends at the CFTC (as well as their direct and personal phone numbers and emails), but they have their own insider knowledge of how the CFTC works and are currently has a large amount of non-public information, including his CFTC official positions. Issues that excite or concern them, arguments that impress them best/worst, things they like/hate seeing in the application, etc.
in the meantime FTX/SBF used revolving door strategy across Washington, CFTC was the main focus. At least a dozen of her CFTC personnel apparently passed through the revolving door from the CFTC’s payroll department to her FTX, either directly as staff or indirectly as lobbyists, attorneys, or consultants. Below is a list that Better Markets has complied with so far. I hope others actually check our list and identify names to add (correct any errors, of course). We will update this list based on new or additional information.
Former CFTC Officials/Staff Who Worked/Worked For FTX/SBF:
Mark Wetchen – FTX Policy and Regulatory Strategy Officer, Board Member of LedgerX and FTX US Derivatives, Advisor to FTX US Compliance Standards and Reporting Practices.Former CFTC Acting Chairman and CFTC Commissioner
Ryne Miller – FTX US General Counsel; Former CFTC Attorney for Gensler (wash post)
Brian G. Mulherin – LedgerX (Formerly dba FTX Derivatives US) General Counsel; Former Associate CFTC Director of CFTC Swap Dealers and Intermediation Oversight (DSIO) (now Market Participants Division) (MPD)
Matt Kulkin – FTX Outside Counsel for WilmerHale Partners. Former CFTC Director DSIO
Chris Giancarlo – FTX Consultant/Lobbyist. Senior Attorney Wilkie Farr. Former CFTC Chairman (insider)
Jill Sommers – FTX Director. Former CFTC Commissioner (wash post)
Jeff Bandman – FTX Consultant/Lobbyist. Former CFTC Senior Advisor to CFTC Chair
Jim Newsom – FTX Consultant/Lobbyist.Delta Strategy; Former CFTC Chairman
Daniel Gorfine – FTX Consultant/Lobbyist. Gattaca Horizons LLC; Former CFTC Chief Innovation Officer
Charlie Thornton – FTX Consultant/Lobbyist. T Cap Solutions Lobbying Companymultiple former CFTC positions include recent Counselor (2019-2021) to former CFTC Chairman Heath Tarbert;