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The end game was to secure a regulatory monopoly for FTX. SBF was beloved in Washington circles, even the SEC Chair had exclusive meetings with him. It's also w
by chrisco255 3y ago
The end game was to secure a regulatory monopoly for FTX. SBF was beloved in Washington circles, even the SEC Chair had exclusive meetings with him. It's also well known he spent enormous amounts of money on the elections:
From Oct 19, 2022, just before their collapse:
https://www.ftxpolicy.com/posts/possible-digital-asset-industry-standards https://www.ftxpolicy.com/posts/possible-digital-asset-indus...
- dpflan 3y agoThanks for the link. A monopoly for FTX would mean what given how they managed themselves? Excessive money into opaque entities owned by FTX, I guess.
- pas 3y agoIt was not a coherent strategy. They basically put the whole industry on a trajectory that was unsustainable, and hoped that there's at least one more price increase/jump, that'll 10x their value, because in that case that means everyone is using crypto, there's no "backing off", etc.
- dpflan 3y agoIndeed, it seemed on the verge of collapse once the curtain was pulled back. I can’t see how a regulation monopoly would have done anything more than make its implosion that much bigger and influence more of economic and political structure as more entities would have become intertwined, pulled by the gravity of greed.