Before the explosion, Wall Street heavyweights fought for FTX

“No one saw this coming” has been a common refrain in the financial world since the rapid disintegration of Sam Bankman-Fried’s cryptocurrency empire. Nowhere is this sentiment more evident than in the letters sent to US regulators in support of FTX’s request for a controversial plan that would have revolutionized derivatives trading, a heavily regulated corner of Wall Street.

From Fidelity Investments to Fortress Investment Group, Susquehanna International Group and Virtu Financial, faculty members from Georgetown, University of Chicago, William & Mary and Stanford, law firm Jones Day and think tank Heritage Foundation, hundreds of letters in support of FTX’s plan landed with the Commodity Futures Trading Commission (CFTC) earlier this year.

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