Before it collapsed this month, FTX stood apart from many rivals in the largely unsupervised crypto industry by boasting it was the ¡°most regulated¡± exchange on the planet and inviting closer scrutiny from authorities.
Now, company documents seen by Reuters reveal the strategy and tactics behind founder Sam Bankman-Fried¡¯s regulatory agenda, including the previously unreported terms of a deal announced earlier this year with IEX Group, the U.S. stock trading platform featured in Michael Lewis¡¯s book ¡°Flash Boys¡± about fast, computer-driven trading.
As part of that deal, Bankman-Fried bought a 10% stake in IEX, with an option to buy it out completely in the next two and half years, according to a June 7 document. The partnership gave the 30-year-old executive the opportunity to lobby IEX¡¯s regulator, the U.S. Securities and Exchange Commission, on crypto regulation.
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