The Securities and Exchange Commission (SEC) has announced in a press release that Dan Berkovitz, the General Counsel of the United States Securities and Exchange Commission (SEC), will be leaving the agency, effective January 31st, 2023.
Megan Barbero, Principal Deputy General Counsel, would take his place.
Berkovitz stated that after thirty-four years of public service, it was time for him to seek new challenges and opportunities.
This comes after the Washington Examiner reported on Berkovitz’s tight ties with SBF and FTX using emails obtained by the Protect the Public’s Trust organization. According to the Washington Examiner, the government official had previously “wined and dined” with FTX founder Sam Bankman-Fried and his lobbyists.
Bankman-Fried, FTX General Counsel Ryne Miller, and then-FTX President Brett Harrison met with Berkovitz in a luxurious restaurant in October 2021 during SEC and CFTC discussions about the best ways to regulate cryptocurrencies.
While it is unclear what was said, Berkovitz’s participation at the event demonstrates Bankman-Fried’s efforts to befriend lawmakers and regulators in Washington, D.C., and promote his stance on crypto regulation.
In emails to Berkowitz, SBF even promoted FTX as the “natural choice” to be the “umpires” of the crypto sector.
He also gave more than $40 million to Democratic campaigns and has admitted to donating to Republican campaigns.
Bankman-Fried’s funds, according to public records, were mostly used to promote Democratic committees and politicians. He gave $6 million to the House Majority PAC, which is the largest outside group supporting House Democrats. He also provided the Democratic Congressional Campaign Committee with $250,000 and the Democratic Senatorial Campaign Committee with $66,500. The majority of his political contributions—$27 million — went to the “Protect Our Future PAC,” which advocates for pandemic preparedness.
On Thursday, the former cryptocurrency billionaire appeared in court for the first time, facing an eight-count charge from federal prosecutors in New York. He was released on bail after signing a $250 million bond with the conditions of home detention and the seizure of his passport.
Following the collapse of FTX, SBF is also facing SEC and CFTC allegations that he mishandled funds and engaged in deceptive behaviour in his dealings with his trading firm, Alameda Research.
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