The article explores the controversial ties between Farmington State Bank, FTX, and Fluent Finance, particularly following FTX’s collapse. Farmington, a small rural bank, underwent a significant shift under Jean Chalopin’s control, pivoting to cryptocurrency and seeking Federal Reserve approval, which raised eyebrows due to its unusual nature.

Alameda Research’s investment of $11.5 million in Farmington, more than double its net worth, further complicated the situation. Following the FTX scandal, Fluent Finance emerged as a key player in developing digital currency infrastructure, particularly focusing on stablecoins and Central Bank Digital Currency (CBDC) initiatives. The partnership between Fluent and Farmington aimed to integrate traditional banking with emerging digital assets, though it ultimately faced scrutiny after FTX’s downfall.

Fluent has since repositioned itself, forming partnerships in the UAE to advance its deposit token and stablecoin technologies. The article suggests that Fluent’s trajectory aligns with broader efforts by commercial banks to maintain control over digital currencies, potentially sidelining direct government-issued CBDCs. It raises concerns about the implications of this shift for consumer privacy and financial oversight, indicating that traditional banking institutions may gain unprecedented influence over digital financial systems. The narrative underscores the complexities and potential risks associated with the evolving landscape of digital finance.

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