GOP Rep. Warren Davidson slams the SEC for “failing” to properly address crypto in the securities sector and wonders why FTX’s Sam Bankman-Fried is “not in custody.”

(Bankman-Fried is not in going to be in custody because the Bahamas does not extradite criminals to the U.S.)

“I think the world is stunned that he’s not in custody. When you look at the level of meltdown, and the things that we’ve already uncovered,” Davidson said. “This is on a level I’ve never seen… He should actually be brought in and questioned in the United States, not in the Bahamas now.”

[The US and Bahamas do have an extradition agreement, which has been in place for decades. It includes some restrictions, such as that the crime alleged has to also be a crime in the extraditing jurisdiction, which is not an unusual arrangement, plus exceptions for political prisoners. Reportedly, the US is already working on an extradition plan, but the Department of Justice will have to indict Bankman-Fried first. — Ed]