The Bahamas advise each other as the FTX case continues its course in US courts and disagreements fester

The Bahamas may have authorized illustration within the FTX case. The Caribbean nation selected Brown Rudnick as counsel “in sure issues associated to the chapter of FTX Digital Markets Ltd.”, together with Bahamian legal professionals and different consultants, based on an announcement issued by the agency.

FTX Digital Markets is predicated within the Bahamas, and the highest administration of the corporate lived in that nation. Circumstances towards members of the administration group are actually being tried in the US following the extradition from the Bahamas of former CEO Sam Bankman-Fried.

Brown Rudnick has been working for The Bahamas since March 2022 on the event of a nationwide coverage assertion on digital property. The agency was rehired by the nation after the collapse of FTX, and filed a registration assertion with the US Division of Justice, as required by the Overseas Brokers Registration Act of 1938, in late December, saying:

“Among the Registrant’s actions might contain the preparation and dissemination of informational supplies and different dealings with US authorities businesses and media.”

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

The Bahamas has been an lively participant within the FTX case since its inception, and variations with US prosecutors started nearly instantly. Sooner or later after FTX filed for Chapter 11 Chapter, The Bahamas filed a competing declare beneath Chapter 15 Chapter in a US courtroom.

The Securities and Change Fee of the Bahamas (SCB) ordered all of FTX Digital Markets’ digital property to be transferred to a pockets it managed following the initiation of the chapter circumstances, prompting criticism from FTX’s new administration that grew to become on allegations that the SCB had requested Bankman-Fried to create a brand new token for it and that it was making an attempt to favor the nation’s residents in lawsuits towards the corporate.

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