• Tue. Jan 31st, 2023

mccoy.ventures

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Full Transcript: NY Times’ Interview With Sam Bankman-Fried – CoinDesk

SBF: Cool. So we didn’t talk that much but there’s a board of FTX Japan, there’s a board of FTX U.S. Derivatives, FTX Australia, FTX Singapore, FTX Europe. You know, we had, I think more than a dozen boards, when you look at all of the entities put together. And, you know, many of these boards had regulatory functions. I think the problem to some extent was, okay, sure. You have all these boards. But at the end of the day, when push comes to shove, who is the person who’s in charge of global or the board or the function that’s in charge of global site, customer risk management. Like, you know, there’s a diffusion of responsibility to some extent on that front. And, you know, there needed to be, I think, a single or a small set of entities, whether a board people of responsible parties that were sitting there saying, I feel responsible for what happens on FTX. And, you know, we had, we had actually audited financials. From the FTX finances perspective, we had infrastructure, but from the customer risk and finances perspective, much less.