The Bahamas could have authorized illustration within the unfolding FTX case. The Caribbean nation chose Brown Rudnick as counsel “in sure issues of engagement associated to the collapse of FTX Digital Markets Ltd.,” alongside Bahamian attorneys and different specialists, in keeping with an announcement launched by the regulation agency.
FTX Digital Markets is headquartered within the Bahamas and the highest administration of the corporate lived in that nation. Circumstances in opposition to the members of the administration group are actually being heard in the USA, after former CEO Sam Bankman-Fried’s extradition from the Bahamas.
Brown Rudnick has been working for the Bahamas since March to develop a nationwide coverage assertion on digital belongings. The agency was re-engaged by the nation after the FTX collapse and late in December filed a registration assertion with the U.S. Division of Justice, as required by the Overseas Brokers Registration Act of 1938. It stated:
“A few of the Registrant’s actions might contain preparation and dissemination of informational supplies and in any other case partaking with U.S. authorities companies and the U.S. media.”
Brown Rudnick may additionally put together written content material for social media on the behalf of the Bahamas, it stated.
You’d suppose {that a} Authorities of public relations like this one would a minimum of belief a Bahamian agency to get the job carried out.
An area agency main the cost with worldwide assist would have been the higher method. However as traditional, Davis listens to the FNM when it is too late. https://t.co/WxJps0spZ6
— Michael C. Pintard (@PintardMP) December 30, 2022
The Bahamas has been lively within the FTX case from its begin and variations with U.S. prosecutors started virtually instantly. A competing Chapter 15 chapter declare was filed in a U.S. court docket by the Bahamas the day after FTX filed for Chapter 11 chapter.
Associated: Hassle within the Bahamas following FTX collapse: Report
The Securities Fee of the Bahamas (SCB) ordered all FTX Digital Markets digital belongings transferred to a pockets it managed at the start of the chapter circumstances, resulting in criticism from the brand new FTX administration. This burgeoned into accusations that the SCB had requested Bankman-Fried to create a brand new token for it and that it was making an attempt to favor the nation’s residents within the claims in opposition to the corporate.
