crypto market: the company touts around 52 million people. A lynchpin of the group’s pitch? The size of the U.S. Crypto exchange giant Coinbase, for instance, recently launched a nonprofit advocacy organization called the Stand with Crypto Alliance that is pushing to advance crypto legislation on Capitol Hill. Instead, the crypto lobby is pushing to make digital assets regulation a grassroots issue that hits entrepreneurs, developers and companies across the country. Becoming his successor as the face of crypto is a prospect that few idealize, especially as they continue to advocate for new rules around the $1 trillion market in the face of a crackdown from Wall Street regulators like the Securities and Exchange Commission. Bankman-Fried’s name is still toxic to many across Washington. But the SBF-sized hole that has emerged within Washington’s crypto operation is a vacancy that few want to fill themselves - or even be seen as filling. Executives and lobbyists have primarily done so by pointing out that the 31-year-old’s alleged misdeeds were fraud - plain and simple. But when FTX crumbled as a house of cards late last year, so too did just about everything else with Bankman-Fried’s fingerprints on it.Ĭrypto has been scrambling to escape Bankman-Fried’s shadow ever since. should regulate crypto, as FTX emerged in recent years as a powerhouse in the market. “Sam was really looking out for Sam - not even necessarily FTX.”īankman-Fried, who is facing a slate of criminal fraud and conspiracy charges, quickly became a force in the endless policy debates around how the U.S. “Sam’s spectacular and ongoing implosion has created space for groups that have a broader perspective,” said Sheila Warren, who leads the Crypto Council for Innovation, an industry trade group that counts Andreessen Horowitz, Coinbase and OpenSea as members. The goal: Divorce the market from Bankman-Fried. Now, as the one-time crypto kingmaker’s criminal trial kicks off today in lower Manhattan, the crypto lobby is taking up a different playbook in the nation’s capital. The scruffy founder behind fallen cryptocurrency exchange FTX pressed lawmakers for friendly regulations, commanded meetings with high-ranking regulators and gave millions to Democrats across the country - all while slyly running one of the biggest financial frauds in American history, as prosecutors have alleged. TOXIC CLEANUP - Sam Bankman-Fried once dominated Washington. Former FTX CEO Sam Bankman-Fried at a bail hearing at Manhattan Federal Court on Augin New York City.
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