When cryptocurrencies collapsed and a number of companies failed last year, Congress considered multiple approaches for how to regulate the industry in the future.
Ironically, the failure of Bankman-Fried's FTX and his subsequent arrest late last year may have contributed to the momentum for regulation stalling out.
Before FTX imploded, Bankman-Fried spent millions of dollars — illegally taken from his customers it turns out — to influence the discussion around cryptocurrency regulation in Washington and push for action.
“Moreover, almost everything the crypto industry does is clearly covered by existing securities and commodities laws that every other law-abiding financial firm in the country follow," he said.
Bartlett Collins Naylor, a financial policy advocate for Public Citizen's Congress Watch said “laws on fraud and securities are currently sound.”__Hussein reported from Lewiston, Maine
Persons:
Sam Bankman, cryptocurrencies, FTX, Fried, “, Sens, Debbie Stabenow, John Boozman, Sen, Sherrod Brown, Brown, He’s, ” Brown, can’t, Joe Biden, Dennis Kelleher, Bartlett Collins Naylor, __ Hussein
Organizations:
Securities and Exchange Commission, Coinbase, PayPal, SEC, Commodities Futures Trading Commission, Agriculture Committee, U.S ., Financial Services, White, Federal Reserve, Consumer, Better, Public Citizen's, Watch
Locations:
PALM SPRINGS, Calif, Washington, Ohio, stablecoins, Lewiston , Maine