Cryptonews Members of Congress on both sides of the aisle are reevaluating their positions on crypto legislation 🤔
FTX CEO, Sam Bankman-Fried, was a regular in the halls of Congress over the past year or so.
FTX’s collapse makes Bankman-Fried the poster child of the “crypto billionaire bros” who “are so desperate… for the patina of regulation as they continue to try to build a system that will allow them to make more trillions while facilitating tax evasion and sanctions evasion,” Rep. Brad Sherman , an opponent of legal crypto ownership,The “money and power” in Washington, D.C., is still with them, Rep. Sherman added.
“There’s no sugar coating it. The collapse has been a dumpster fire,” said Rep. Patrick McHenry the top Republican and likely incoming chairman of the House Financial Services Committee at a hearing this week,. “Users left out to dry. Ecosystem in limbo. [We] must develop a clear regulatory framework for the digital asset ecosystem.”
“Unfortunately just one out of many examples of cryptocurrency platforms that have collapsed just this past year.” “The fall of FTX has posed tremendous harm to over one million users, many of whom were everyday people who invested their hard-earned savings into the FTX cryptocurrency exchange, only to watch it all disappear within a matter of seconds.”There are two bipartisan bills proposing a framework for crypto regulation in the Senate.
Calling it “a robust bill that aims to bring transparency and accountability to the market,” Sen. Boozman nonetheless
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