Tom Emmer – the U.S. congressional representative for Minnesota – suggested that Bankman-Fried tried currying “special treatment” from the Securities and Exchange Commission (SEC) through meetings with the agency, and attempted to push legislation to the same effect.
“They were working, apparently, with Sam Bankman-Fried and others, to give them special treatment from the SEC that others aren’t getting,” said Emmer. He mentioned meetings the agency held in March with SBF, other FTX executives, and a U.S.-based trading firm that FTX partnered with in April.
“Sam Bankman-Fried was pushing special-treatment legislation through congress. when it was finally revealed what it was, and the industry started raising red flags all over the place, that’s when this thing came apart,” he added.