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Yesterday night, after a day of dramatic testimony in Sam Bankman-Fried’s trial in New York, Philip Davis, the prime minister of the Bahamas, stood up at his desk on the fine-dining restaurant Nobu to ship a toast.
Bankman-Fried’s firm, FTX, had its headquarters within the Bahamas, and was essentially the most consequential participant in nation’s crypto ecosystem. However Davis’ message was easy: neglect about FTX.“The one factor the FTX debacle did was embolden crypto critics,” he stated. “The digital asset world is right here to remain.”
Held on the luxurious Atlantis resort on Paradise Island, north of Nassau, the dinner marked the opening of D3 Bahamas, a convention placed on by the Bahamian authorities, which is updating its crypto rules.
However FTX isn’t totally forgotten. Among the many new guidelines within the Bahamas is a brand new set of client safety measures, together with necessities across the segregation of buyer and company property, a protocol FTX and its sibling firm, Alameda, didn’t comply with, serving to to allow the alleged fraud. The Bahamas claims the replace is a mirrored image of developments within the cryptosphere, nevertheless it’s clearly additionally a mirrored image of classes realized from FTX.
“We’re dedicated to making sure this facet of our monetary companies trade retains good actors in and dangerous actors out,” stated Davis, earlier than elevating his glass.
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