A newly surfaced email has shed light on the relationship between FTX founder Sam Bankman-Fried and Bahamian government officials. The email indicates that Bahamian Prime Minister Philip Davis approached Bankman-Fried for advice on an NFT project for his son. Bankman-Fried responded positively, offering to discuss the matter either over the phone or through a Zoom call.

The fact that FTX operated in the Bahamas without a valid license for over two years has raised concerns about the regulatory environment and oversight of cryptocurrency businesses in the country. The Bahamian government has faced criticism for its perceived leniency toward regulating crypto companies.

In response to these concerns, the Securities Commission of the Bahamas (SCB) announced more stringent regulations for digital-asset exchanges in April. This decision reflects the growing need for a robust regulatory framework to govern the cryptocurrency sector in the country.

The email correspondence has also become part of a separate U.S. investigation led by U.S. Attorney Danielle Kudla. While the full scope of this investigation is not yet clear, the email’s existence and content have added another layer to the unfolding narrative.

As the cryptocurrency industry continues to evolve and expand, the importance of clear and stringent regulatory frameworks becomes increasingly important. The Bahamas, home to many crypto enterprises, will play a central role in these discussions and developments.