In recent news, it has been revealed that pop superstar Taylor Swift had concerns about the crypto exchange FTX dealing in "unregistered securities." According to a class action lawyer, Swift was one of the rare celebrities to raise questions about the legality of FTX's operations. However, despite her concerns, Swift's team had agreed to a tour sponsorship arrangement with FTX, as reported by The New York Times. Unfortunately, the deal fell through when FTX founder Sam Bankman-Fried backed out at the last minute.
The relationship between Swift and FTX seems to have been more complicated than initially thought. While Swift's team had signed on to the tour sponsorship deal, Bankman-Fried's sudden reversal left them frustrated and disappointed, according to unnamed sources cited by The Times. It is worth noting that Bankman-Fried's representative declined to comment on the matter.
Insider sources familiar with the discussions reveal that the proposed arrangement between Swift and FTX had been narrowed down to a tour sponsorship deal. Swift was not willing to endorse FTX through commercials, interviews, or promotional events, unlike other celebrities who were associated with the crypto exchange at the time. This refusal to endorse FTX ultimately led to the deal not being finalized.
Adam Moskowitz, the class action lawyer representing FTX customers, previously suggested that Swift was one of the few celebrities to ask important questions about the exchange's practices. Moskowitz has filed lawsuits against celebrities, alleging that they promoted FTX without disclosing that they were being paid for it.
It was reported in December that Swift and FTX had considered a $100 million sponsorship deal. However, these discussions were focused on a potential sponsorship and not an endorsement by Swift herself, according to an unnamed source cited by the Financial Times.
It is important to note that Bankman-Fried is currently facing charges brought by federal prosecutors in New York over the collapse of FTX. He has pleaded not guilty and is awaiting trial, scheduled to take place in October.
Overall, the relationship between Taylor Swift and FTX was more nuanced than originally thought, with Swift expressing concerns about unregistered securities. The deal ultimately fell through when Bankman-Fried backed out, leaving Swift's team frustrated.