FTX’s Ryan Salame Accuses Biden-Era DOJ of Selective Prosecution

Former FTX Digital Markets co-CEO Ryan Salame has stirred up controversy by accusing the U.S. Department of Justice (DOJ) under President Biden of unfair prosecution and political bias. In a recent post, Salame claimed that federal prosecutors ignored evidence that could help defendants, targeted specific people, and let off Democrats

Ryan Salame and SBF Claims Biden DOJ Isn’t Doing Their Job

Undoubtedly, Salame’s remarks have reopened the discussion about how the DOJ handled the FTX case. He said that prosecutors were more focused on who to charge rather than the crimes. He also argued that they disregarded evidence that could help some defendants while assuming guilt for others right away.

The situation gained more attention when Sam Bankman-Fried (SBF), the former CEO of FTX, shared Salame’s statement on his X account. SBF voiced similar worries. He claimed that the Biden-era DOJ targeted individuals instead of conducting fair investigations.

Notably, the accusations against the DOJ come at a time when individuals are closely watching its role in crypto enforcement cases. Critics say that the DOJ does not apply justice evenly, which could hurt public trust

Meanwhile, Salame has requested clemency from U.S. President Donald Trump. He is seeking reforms and a potential pardon from Trump, similar to those given to Changpeng Zhao and Arthur Hayes.

SEC May Scrap Biden-Era Crypto Custody Rule

In March, acting chair Mark Uyeda said the U.S SEC may withdraw or revise a controversial crypto custody rule proposed under the Biden administration. Uyeda acknowledged mounting concerns from industry participants regarding the rule’s “broad scope” and its potential to stifle crypto investment.

The rule, introduced in February 2023 under former SEC chair Gary Gensler, sought to tighten crypto custody standards for investment advisers. It required advisers to use a qualified custodian for all client assets, including cryptocurrencies. However, Gensler argued that crypto platforms were unfit to serve as qualified custodians due to their operational practices.

The proposal drew sharp criticism from SEC commissioners and industry advocacy groups. Uyeda himself had previously questioned its feasibility, stating that it could effectively discourage investment advisers from offering crypto services altogether. Despite his reservations, he initially supported the proposal but disagreed with “several provisions.”

Trump-Era SEC Signals Softer Crypto Stance

Uyeda’s remarks signify a decisive shift in policy under the Trump-era SEC, which has rolled back several of Gensler’s initiatives regarding cryptocurrency regulation. The chair revealed that he had asked SEC staff to explore options to abandon another rule that would require some crypto firms to register as exchanges

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