Sam Bankman-Fried was once crypto’s trusted ambassador in Washington, but his recent collapse has thrust lawmakers into chaos.
. If a politician is pushing crypto legislation, it’s not a matter of if they’ve met him, but how many times.
That involvement has fostered a distrust among the already crypto-skeptical. Their theory is that SBF was pushing for a lightly regulated system so that the industry would gain a patina of credibility and thus the trust of banks and other large institutional investors. It was a step, in other words, to going mainstream. Some politicians are very resistant to going down that path.
Until a plan emerges that can attract wider support, it appears the current Wild West environment will continue. Senate Democrats had their first full meeting since the FTX collapse Tuesday. Gillibrand says not a single one of her colleagues brought it up. “There’s not a great deal of expertise or interest in blockchain and digital currencies and digital tokens,” she says. “And so there’s not a lot of senators that are following what’s happening.”a bipartisan effort to regulate crypto last year, smiled when asked if he was surprised by the FTX crash.
“It’s not surprising to some of us,” he says. “A lot of hope out there and maybe not as much substance.”
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