Martin Gruenberg Usa Washington business Government United States us government Court Martin Gruenberg Usa Washington

SBF shilled FTX risk model to FDIC chairman Gruenberg prior collapse

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Before crypto exchange FTX and its founder Sam Bankman-Fried (SBF) got tied down around allegations of misappropriation of users’ funds, SBF was among the most influential crypto entrepreneurs.

Long before FTX collapsed, an allegedly leaked email exchange with a top regulator shows SBF’s intent to get the exchange federally regulated.On May 28, 2022, nearly six months before FTX filed for bankruptcy and SBF resigned as the CEO, Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg received an invitation to meet SBF on June 13, 2022, Washington Examiner reported.

The email was mediated by former CFTC Commissioner Mark Wetjen, who joined FTX US as the Head of Policy and Regulatory Strategy in Nov.

2021.In the latter half of the email, Wetjen told Gruenberg that FTX is in the “unusual position of begging the federal government to regulate us.” He further added:In response to the SBF’s request, Gruenberg agreed to meet the duo, as shown in the leaked email below.Following the collapse of FTX, SBF’s political ties were uncovered amid parallel investigations.

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