Bankman Fried Met with White House Advisors on Crypto Policy Ahead

Bankman-Fried Met with White House Advisors on Crypto Policy Ahead of FTX Collapse

(Bloomberg) – Sam Bankman-Fried, the now-disgraced cryptocurrency mogul, held at least four meetings with senior White House officials this year – part of a push to influence crypto policy and forge connections in Washington before his FTX empire finally took off collapsed.

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Bankman-Fried met with Steve Ricchetti, one of President Joe Biden’s senior advisers, on Sept. 8, White House officials familiar with the matter said. The meeting, which was not previously reported, was the last of a handful of sessions.

Bankman-Fried had previously released at least three others in the White House visitor logs. These include one on April 22 and another on May 12, each with Ricchetti, and one a day later on May 13 with Bruce Reed, another senior Biden aide, officials confirmed. The latest meeting is recorded in logs as two meetings held back-to-back, but it was one meeting, officials said. Some of the previous White House meetings included others from FTX.

His brother, Gabriel Bankman-Fried, was recorded from a March meeting of his own and then attended the May 13 meeting for at least five total that year, involving one or both brothers.

Sam Bankman-Fried, once a Washington fixture, is now being prosecuted for his role in the collapse of his crypto empire that has left investors with potential billions of dollars in losses.

A spokesman for Bankman-Fried declined to comment.

Previously: The Bankman-Fried case was transferred to US Judge Lewis Kaplan in New York

The White House brothers’ meetings focused on general discussions about the crypto industry and exchanges, as well as pandemic prevention related to the Guarding Against Pandemics foundation, which is led by Gabe Bankman-Fried, an official said. The White House declined further comment.

The story goes on

FTX’s connections to Washington have come under scrutiny since the stock market collapsed. Sam Bankman-Fried has given millions of dollars to the Democrats, making him the party’s second-largest single donor in the 2022 election cycle. One of his former top lieutenants, Ryan Salame, was also a massive donor but supported the Republicans.

Read more: Crypto industry outperforms defense, big pharma in political donations

A person familiar with the meetings, who spoke on condition that they not be identified, said politics will not be discussed at the White House meetings.

While residing in the Bahamas, Bankman-Fried, or SBF as he is known, made frequent trips to Washington – testifying before Congress and meeting with key regulators, including the Securities and Exchange Commission and the Commodity Futures Trading Commission, as well as with White House officials.

The former billionaire has often championed the need for more regulation of crypto, touting himself and his companies as ethical players in the space.

But US prosecutors are now painting a very different picture, alleging a range of wrongdoings, including allegedly conspiring with others to use corporate funds and shadow donors for political donations, and misusing billions of dollars in customer funds donated to sister company of FTX, Alameda Research.

–Assisted by Neil Weinberg and David Voreacos.

(Updates with Bankman Fried spokesman, who declined to comment, in sixth paragraph.)

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