Bankman-Fried's tricks on Washington

Key points: 

• A quote pointed out by Insider hints at a relationship between the SBF and Washington.
• The 30-year-old billionaire spent unprecedented time and money trying to influence the regulators and lawmakers charged with overseeing his business
• In return for millions in donations, they will pay for their trust. 
• This trust led to the image that Bankman-Fried was the charismatic and transparent cryptocurrency that was needed.
• He also worked to steer the regulation of cryptocurrencies that provides perfect protection against the eventual loss of millions of client assets.

The founders have made great strides in enforcing laws that allow exchanges such as FTX to effectively self-regulate.”

The story of FTX's collapse has been in the headlines for the past month. With the cryptocurrency community still reeling, many wondered how quickly the tragedy could have happened. A new report from Insider details how Sam Bankman-Fried defrauded Washington and pushed FTX over the edge.

Lavish parties and millions of dollars in donations preceded Bankman-Fried's efforts to forge ties with Washington. Rather, it was the relationship that gave the former CEO unprecedented control over what his platform was allowed to do.

Bankman Fried chats with Washington

“I think it’s safe to say he’s by far the most dedicated cryptocurrency CEO in Washington,” said Adam Kovecesich, CEO of the Chamber of Progress, an FTX-affiliated trade group. Additionally, a quote pointed out by Insider hints at a relationship between the SBF and Washington.

The entire article covers some sort of agreement between Bankman-Fried and Washington regulators. In return for millions in donations, they will pay for their trust. This trust led to the image that Bankman-Fried was the charismatic and transparent cryptocurrency that was needed.

“Washington sleeps behind the counter when it comes to cryptocurrencies,” Insider declared; “Give Bankman-Fried a chance to drive the train.”

"Even by Washington's standards of moral challenge," Insider explained. "The 30-year-old billionaire spent unprecedented time and money trying to influence the regulators and lawmakers charged with overseeing his business."

The report further added that Bankman-Fried sought to self-police these interactions. He then noted that the founders have made great strides in “enforcing laws that allow exchanges such as FTX to effectively self-regulate.”

"He also worked to steer the regulation of cryptocurrencies," the report said. In addition, it provides perfect protection against the eventual loss of millions of client assets.

In conclusion, the destruction of the FTX sinking was the product of several factors. Therefore, the role played by the SBF's links to Washington cannot be underestimated. The insider said it best in his actions, "Bankman-Fried began to manipulate a notoriously rigged system". If his defense of accounting errors is true, then of course it is unnecessary.