FTX Scandal
The consequences and judicial consequences of the scandal ?
Research & Seminar
What are the grounds of the trial ?
1.
5.
Conspiracy to commit electronic fraud
Securities fraud
2.
6.
Conspiracy by diverting client funds.
Setting up an investor scam
3.
7.
Money laundering
Use of client funds for venture capital
4.
8.
Violation of campaign finance law
Violation of the anti - fraud provisons of the Securities Act of 1933 and the Securities Exchange Act of 1934
The role of SBF’s parents in the scandal
Joseph Bankman was both "strategic advisor and general supervisor of FTX activities". The couple are suspected of having benefited, via another financial operation, from a $10 million "donation" from Alameda Research, as well as a $16.4 million property in the Bahamas, paid for with funds provided by FTX Trading.
How are these bankrupcies affecting other organs ?
Crypto companies
Regulation
Congress
U.S. Senator Elizabeth Warren says that the FTX collapse “shows crypto may be more integrated into the banking system than regulators are aware.”
Companies (such as BlockFi) had direct exposure to FTX and affiliated entities. FTX seems to be one of BlockFi’s largest creditors.
October 3, 2022, the Financial Stability Oversight Council pointed out that one of the most critical three gaps in the regulation of crypto-asset activities in the United States was “limited direct federal oversight of the spot market for crypto-assets that are not securities.”
MiCA Regulation
What constitutes the MiCA Regulation ?
A prevention following FTX sandal
- Protection of assets
- Implementation of complain procedure
- A pilot regime for market infrasctruture based on distributed ledger technology
- Uniform legal framework
- Innovation on transaction
- Strengthening of consumer protection
FTX SCANDAL
Arhur
Created on October 20, 2023
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Transcript
FTX Scandal
The consequences and judicial consequences of the scandal ?
Research & Seminar
What are the grounds of the trial ?
1.
5.
Conspiracy to commit electronic fraud
Securities fraud
2.
6.
Conspiracy by diverting client funds.
Setting up an investor scam
3.
7.
Money laundering
Use of client funds for venture capital
4.
8.
Violation of campaign finance law
Violation of the anti - fraud provisons of the Securities Act of 1933 and the Securities Exchange Act of 1934
The role of SBF’s parents in the scandal
Joseph Bankman was both "strategic advisor and general supervisor of FTX activities". The couple are suspected of having benefited, via another financial operation, from a $10 million "donation" from Alameda Research, as well as a $16.4 million property in the Bahamas, paid for with funds provided by FTX Trading.
How are these bankrupcies affecting other organs ?
Crypto companies
Regulation
Congress
U.S. Senator Elizabeth Warren says that the FTX collapse “shows crypto may be more integrated into the banking system than regulators are aware.”
Companies (such as BlockFi) had direct exposure to FTX and affiliated entities. FTX seems to be one of BlockFi’s largest creditors.
October 3, 2022, the Financial Stability Oversight Council pointed out that one of the most critical three gaps in the regulation of crypto-asset activities in the United States was “limited direct federal oversight of the spot market for crypto-assets that are not securities.”
MiCA Regulation
What constitutes the MiCA Regulation ?
A prevention following FTX sandal