The SEC's general counsel resigned after a cozy relationship with SBF and FTX

beincrypto.com

The chief attorney of the US Securities and Exchange Commission (SEC)  announced that he will leave the agency in January. 

 SEC General Counsel Dan Berkovitz said  he will leave the agency on Jan. 31, according to a Dec. 22 report in the Washington Examiner. 

 The government official  previously "wined and dined" with FTX founder Sam Bankman-Fried and his lobbyists, it added. 

 "After 3years of public service, it is time for me to take on new and different challenges and opportunities," Berkovitz said. In addition, Berkovitz is a former commissioner of the Commodity Futures Trading Commission (CFTC). 

 Additionally, his announcement comes on the same day that SBF received a $250 million bailout. 

 SEC Backroom Dealing with Bad Actors 

  Examiner Reveals Berkovitz Had 'Compassionate Relationship' With SBF and FTX. It cited emails received by the  Protect the Public's Trust watchdog, which also announced the resignation. 

 SBF, FTX General Counsel Ryne Miller and FTX President Brett Harrison met  at Berkovitz's fancy restaurant in October. 2021, he reports. 

 Michael Chamberlain, head of the Protect the Public Trust, said: 

 "If there was ever  a scene that evoked the vision of DC being rigged by a  corrupt insider at the expense of the little guy, it would be hard to beat." 

 "Shortly before its collapse and numerous allegations of fraud, SBF and its gang undoubtedly lured one of their future regulators  to try to manipulate the regulations in their favor," he added. 

 Republican Senator Tom Emmer also cited several meetings between the SEC and FTX. He said  they are creating a special regulatory framework for FTX. 

 He went on to say, referring to SEC Chairman Gary Gensler's comments about using all available tools to ensure compliance: 

 "Making regulatory backroom  deals with bad actors is not  in the SEC's toolbox." 

 Federal Regulators Accountable 

 Chamberlain noted that government officials and regulators should also be held accountable: 

 "While the collapse of FTX and the behavior of its executives  certainly made headlines, the actions of federal officials should also be scrutinized." 

 Gary Gensler also encountered SBF about eight months before his crypto empire collapsed. The meeting discussed the concept of a new SEC-approved crypto trading platform. If approved, SBF and its companies would have a distinct advantage over their competitors. 

 Earlier this month, Democratic Rep. Ritchie Torres blamed Gensler for the collapse of FTX. "With regard to FTX, Chairman Gensler has fundamentally failed as a regulator and  has no one to blame but himself," he stated at the time. 

 The rabbit war in deception deepens even more. As BeInCrypto reported, anti-crypto senator Elizabeth Warren also had ties to the Bankman-Fried family.

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Source : beincrypto