FTX Spending Spree Included Offers to Washington Advocacy Groups

“In late March, FTX officials began reaching out to Better Markets’ president, Dennis Kelleher, to discuss the firm’s application with the CFTC.

“They noted Mr. Bankman-Fried is ‘a very generous person,’ and floated the possibility of “a contribution of $1 million or more” to Better Markets, Mr. Kelleher said. After being told that a donation would not sway the group’s skepticism toward FTX’s application, an FTX official responded, ‘Oh, I don’t think Sam would agree to that.’

“’It was a direct quid pro quo,’” Mr. Kelleher said. “No ambiguity.”

“Better Markets urged the CFTC to deny the application, which FTX withdrew this month.”