While people were busy with the celebrations of Thanksgiving, the crypto community still couldn’t catch a break as the FTX collapse kept on unwinding. But the Bahamian government seems to defend itself of having no role in any of these events and slams FTX’s new CEO, John J. Ray III, for his approach.
Bahamas Attorney General Ryan Pinder stated that recent statements made in FTX bankruptcy proceedings by Ray were “regrettable” and which misinterpreted the steps taken by the country’s regulators.
Pinder stated, “It is possible that the prospect of multimillion dollar legal and consultant fees is driving both their legal strategy and the intemperate statements. In any case, we urge prudence and accuracy in all future filings”.
The crypto community, however, feels that the speech was excessively complimentary of the Bahamas and did little to allay worries about FTX.
The crypto community criticized the speech as an infomercial for the Bahamas because it failed to address the theft of user monies. Pinder condemned Ray’s comments regarding the regulator’s demand for unauthorized access to FTX.
Ray’s assertions that the Securities Commission of The Bahamas (SCB) had attempted to get that unlawful access had already been rejected by the SCB and also presented a picture of how well it handled the issue.
Pinder added, “We have been shocked at the ignorance of those who assert that FTX came to the Bahamas because they did not want to submit to regulatory scrutiny. In fact, the world is full of countries with no legislative or regulatory authority over the crypto and digital asset business, but The Bahamas is not one of these countries.”
In the course of its 20 minutes, Sam Bankman-Fried, the founder of FTX, was barely mentioned once. The fact that Pinder worked for Deltec, the main bank of Tether and Alameda Research, was arguably the most intriguing fact that came out of this chaos.
This further affirms SBFs ties with political lobbying, and the truth is yet to come out, but with media giants whitewashing SBF and his image over the course of the past few weeks with no remorse for the FTX users who lost their assets to scammers is quite telling.