The collapse of FTX has raised concerns about favoritism and political influence among regulators. FTX founder Sam Bankman-Fried allegedly used $10 million in donations to the Biden administration to gain access to regulators, allowing him to cultivate relationships with key officials at the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC). SEC Chair Gary Gensler, who aggressively pursued enforcement actions against other crypto firms, met with SBF multiple times. Coinbase is now demanding transparency about the SEC's enforcement spending and has submitted a request for detailed records of investigations and lawsuits against crypto firms. There are also reports suggesting that SBF's political donations came from stolen FTX customer assets, potentially protecting him from regulatory oversight while operating illegally. The request from Coinbase aims to determine if the SEC's approach to crypto enforcement was motivated by politics or investor protection concerns, signaling a growing demand for regulatory accountability.



Other News from Today