NASSAU, BAHAMAS — Opposition leader Michael Pintard yesterday questioned whether the shocking collapse of crypto exchange giant FTX has created any financial exposure for the government or the national budget.
In a statement, Pintard said he was dismayed at the turn of events and called upon the government to provide the investing public a “clear and cogent statement” on steps being taken to guard against the jurisdictional fallout and to sure up investor confidence.
He pointed out that FTX was tapped to facilitate the country’s Carbon Credit trading platform.
“We also call upon the government to outline to the public, what financial exposures exist for the government if any, and indicate if there are any implications for the national budget,” Pintard said.
“We call upon the government to confirm whether the land intended for the FTX commercial complex was private leased land. In the event that it was public land, what steps have been taken to secure the land and have it returned to its original state?”
Pintard continued: “The government’s much-touted proposed Carbon Credit trading platform was announced to be facilitated through FTX’s exchange platform. Given current events, what impact will this development have on the potential for carbon trading, what alternative arrangements are being made and when will we see the first trade and benefit from this activity, if any?”
Pintard questioned whether the government had begun to estimate the loss exposure of the private sector as a result of FTX’s apparent collapse and the personal losses of former CEO Sam Bankman-Fried and his colleagues,
“What measures are being taken to protect Bahamians from any anticipated loss?” He said.
“The Opposition continues to have complete faith in the Securities Exchange Commission and other relevant Regulators to conduct a full and transparent investigation into what has gone wrong at FTX and to ensure that the public and investor interest is protected to the extent possible.”
Pintard added: “In light of the fact that there are likely other companies operating in the digital assets space in this jurisdiction, what steps, if any, has the government taken to allay any concerns which may have arisen? Given the enormity of this situation and turn of events, there is an urgent need for the government to speak to this issue clearly and transparently.”
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