The founder and chief executive of failed cryptocurrency exchange FTX Sam Bankman-Fried met Commodity Futures Trading Commission chairman Rostin Behnam and other high-level agency officials 10 times over the past 14 months.
There were also follow-up calls and an exchange of messages, Mr Behnam told the US Senate Committee on Agriculture, Nutrition and Forestry.
Before the Senate hearing, the Washington-headquartered CFTC had declined to disclose how many times Mr Behnam had met Mr Bankman-Fried.
Mr Behnam said the meetings were focused on FTX’s efforts to amend and approve the clearinghouse licence for its derivatives exchange, LedgerX.
The petition for amendment, which was filed about a year ago, aimed to let LedgerX settle margined trades without the involvement of intermediaries.
The proposal was still awaiting approval when FTX filed for bankruptcy earlier this month.
“My team and I met with Mr Bankman-Fried and his team. Over the past 14 months, we met 10 times in the CFTC office at their request, all in relation to this … clearinghouse application,” Mr Behnam said.
FTX purchased LedgerX last year and it is overseen by the CFTC.
Since 2017, LedgerX has been registered with the CFTC as a designated contract market, swap execution facility and derivatives clearing organisation.
“LedgerX is one of the few FTX entities to not file for bankruptcy,” Mr Behnam said.
“The CFTC has been in near daily contact with LedgerX as well as the third-party custodians it uses to hold cash and digital assets.
“Based on the information presented to us at this time, LedgerX customer property remains secure and LedgerX has the financial resources to continue operating for the foreseeable future.”
The CFTC said its regulations require that LedgerX be completely walled off from the other unregulated FTX entities to protect customer property.
As part of the ongoing bankruptcy proceedings, FTX has reported that LedgerX holds more cash than all the other FTX debtor entities combined.
FTX filed for bankruptcy protection in the US on November 11 in the highest-profile cryptocurrency exchange failure to date, after traders pulled $6 billion from the platform over the course of three days and rival exchange Binance abandoned a rescue deal, Reuters reported.
Mr Bankman-Fried, who cofounded FTX with Gary Wang and Nishad Singh in 2019, also resigned as chief executive after discussions with his father, Joseph Bankman of Stanford Law School, and his lawyers, the company’s 30-page bankruptcy filing showed.
Mr Behnam said the CFTC lacked the direct authority to write rules and oversee this marketplace and it may only reach it when fraud or manipulation has already occurred.
Founded in 1975, the mission of the CFTC is to promote the integrity, resilience and vibrancy of the US derivatives markets through sound regulation, it said on its website.
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Stuck in a job without a pay rise? Here's what to do
Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.
“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”
Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.
Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.
“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”
For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.
“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”
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