The Bahamas legal professionals up because the FTX case proceeds in US court docket and disagreements fester

The Bahamas can have authorized illustration within the unfolding FTX case. The Caribbean nation chose Brown Rudnick as counsel “in sure issues of engagement associated to the collapse of FTX Digital Markets Ltd.,” alongside Bahamian legal professionals and different specialists, in response to an announcement launched by the regulation agency. 

FTX Digital Markets is headquartered within the Bahamas, and the highest administration of the corporate lived in that nation. Instances towards the members of the administration crew at the moment are being heard in the US after former CEO Sam Bankman-Fried’s extradition from the Bahamas.

Brown Rudnick has been working for the Bahamas since March 2022 to develop a nationwide coverage assertion on digital belongings. The agency was reengaged by the nation after the FTX collapse, and filed a registration assertion with the U.S. Division of Justice, as required by the International Brokers Registration Act of 1938, late in December, saying:

“A few of the Registrant’s actions might contain preparation and dissemination of informational supplies and in any other case partaking with U.S. authorities businesses and the U.S. media.”

Brown Rudnick can also put together written content material for social media on the behalf of the Bahamas, it mentioned.

You’ll suppose {that a} Authorities of public relations like this one would at the least belief a Bahamian agency to get the job carried out.

A neighborhood agency main the cost with worldwide assist would have been the higher strategy. However as standard, Davis listens to the FNM when it is too late. https://t.co/WxJps0spZ6

— Michael C. Pintard (@PintardMP) December 30, 2022

The Bahamas has been active in the FTX case from its begin and variations with U.S. prosecutors started virtually instantly. A competing Chapter 15 chapter declare was filed in a U.S. court by the Bahamas the day after FTX filed for Chapter 11 chapter.

Associated: Trouble in the Bahamas following FTX collapse: Report

The Securities Fee of the Bahamas (SCB) ordered all FTX Digital Markets digital belongings transferred to a pockets it managed after the start of the chapter instances, leading to criticism from the new FTXadministration that burgeoned into accusations that the SCB had asked Bankman-Fried to create a new tokenfor it and that it was attempting to favor the nation’s residents within the claims towards the corporate.