The FTX spreadsheet you haven’t seen

This presents a troubling window into how freely Bankman-Fried commingled the various buckets of money he controlled at his companies — concerns at the heart of federal investigations into FTX’s collapse. That may make untangling those connections, which is now the job of a U.S. bankruptcy trustee, more difficult.

The documents also show how deeply intertwined Bankman-Fried’s personal investments and FTX’s business priorities were. Alameda’s Stocktwits investment, for example, appears to be tied to an agreement earlier this year for FTX to power crypto trading for the forum’s users.

FTX acquired its stake in Dave this spring, when the two companies were “exploring a partnership to offer crypto trading and holding capabilities” to Dave’s customers, a spokesman said Wednesday. That offering was never launched, and the note isn’t repayable until 2026, he said.

This will sharpen calls for tougher, clear rules in Washington — and raise questions about why they didn’t come sooner.

The characteristics of crypto itself — part security, part commodity, part currency — made it something of a regulatory jump ball. Former Securities and Exchange Commission Chair Jay Clayton wanted it for his agency and made some progress, including preventing the marketing of tokens to U.S. investors. (That’s why most of FTX’s customers are international.) His view was that cryptocurrencies should carry the same disclosures as newly issued stocks or bonds.

When asked whether crypto should be regulated like stocks or bonds, Clayton told Semafor: “If it quacks.”

Some experts think agency regulations, which are prone to being revoked when political winds shift, might not be enough. They have been calling for new laws, similar to the Sarbanes-Oxley law on corporate disclosures that followed the accounting scandals of the early 2000s and the Dodd-Frank law that followed the 2008 crash. Enshrining reforms in law helps ensure they’ll continue to be enforced.

As for prosecutions, a top focus will be on outright fraud — whether FTX misled investors about how their funds would be used and whether it subsequently tapped that money to bail out Alameda or other struggling crypto investments it had made. Bankman-Fried, who has tweeted through the crisis, may not be helping himself, said Aitan Goelman, former head of enforcement at the Commodity Futures Trading Commission.

“If you are in a hole, stop making public statements of any kind,” he said. “There’s a chance this case could go criminal. There’s a chance you could be banned from markets.”

• Bankman-Fried spouted off to Vox via Twitter DMs about regulators (“Fuck regulators”), slippery slopes (“each step was in isolation rational and reasonable”), and some — though not that many — regrets (“sometimes life creeps up on you”.) He later tweeted that those messages were meant to be private exchanges between friends.
• Temasek, Singapore’s state-backed investment fund, said it had written its stake in FTX down to zero, following Silicon Valley giant Sequoia’s move.
• Binance, the rival crypto exchange that started FTX’s meltdown, stopped taking deposits of a pair of Solana coins Thursday morning. The moves appear to be related to Solana’s health and not that of the exchanges — for now.

Want to pass along a tip or feedback? Write to me at lhoffman@semafor.com.