Attorney General, Sen. the Hon. Ryan Pinder delivered a national address speaking on the collapse of FTX.

Sen. Pinder centered his message on clearing the air on numerous issues that have been brought up since FTX filed for bankruptcy and the handling of the issue by the government of The Bahamas.

“As the third oldest democracy in the western hemisphere our legal, regulatory and financial sectors have stood that test of time. Tonight while I speak on behalf of the government it is in fact the Securities Commission of The Bahamas which is the lead actor in respect to the present situation, as they are the statutory regulator of companies like FTX Digital Markets who operate in the digital assets space. To date, The Securities Commission has issued two significant statements concerning the provisional liquidation proceedings involving FTX, and other related matters. I encourage you all to read those statements for yourselves, as they are definitive accounts of the known facts, and the application, of the relevant laws and regulatory regime in relation to FTX.”

The Attorney General further explained that only FTX Digital Markets is regulated in The Bahamas. He said, “I want to pause here to emphasize that among the over 100 companies located in dozens of jurisdictions around the world, FTX Digital Markets is the only entity regulated in The Bahamas. Alameda Research is NOT regulated in The Bahamas. To the extent Alameda Research is found to have committed any improprieties in The Bahamas, then of course it will be subject to our jurisdiction.”

Pinder explained the timeline of events in relation to the FTX collapse and the response by the government. He also explained the advent of the DARE Act and reiterated that the Bahamas is a country of laws.