Why should the parents of a convicted crypto fraudster walk away with millions? That’s exactly what Senator Kennedy wanted to know when he grilled SEC nominee Paul Atkins during a recent Senate hearing.
Senator Kennedy demands answers on why fraudsters’ families profit while victims suffer
Kennedy didn’t mince words, threatening to “pounce like a ninja” if he didn’t get updates on a potential SEC investigation into Sam Bankman-Fried’s parents.
The allegations aren’t small potatoes. We’re talking about a $16.4 million Bahamas mansion, $10 million in cash, another $10 million to Barbara Fried’s political organization “Mind the Gap,” and $5.5 million to Stanford University. Must be nice.
Atkins played it safe. He expressed “concern” about the reports and promised to review the SEC’s investigation if confirmed. Typical nominee speak. He didn’t confirm whether an internal probe had already begun. Shocking.
Meanwhile, reports surfaced in January 2025 that SBF’s parents were seeking a presidential pardon. Good luck with that. Unlike Ross Ulbricht who just got pardoned by Trump, SBF’s case involved actual people losing actual money. Lots of it.
SBF himself has been busy behind bars. He gave unauthorized interviews to Tucker Carlson in March and The New York Sun in February. His reward? Solitary confinement and a transfer from New York to Oklahoma. Apparently, prison rules apply even to former crypto billionaires. The Tucker Carlson interview in March 2025 led to SBF being placed in solitary confinement as punishment for the unsanctioned media appearance.
Kennedy’s questioning reflects growing frustration with the SEC’s handling of the FTX collapse. He demanded the agency ascertain equal law enforcement and prevent “two standards of law.” The senator vowed to continue pressing for answers at future hearings.
For his part, Atkins is expected to sail through confirmation despite the grilling. The Trump nominee promised to divest from his regulatory compliance consultancy within three months and pledged to treat all industries fairly, including crypto companies.
FTX’s parents were sued by the company in September 2023 for alleged misappropriation of funds. The saga continues. The money trail doesn’t lie.
