The widening fallout drove down the price of bitcoin and other tokens, and it fueled continued scrutiny in Washington, where lawmakers for years had neglected the crypto industry. Over that same period, Democrats and Republicans also amassed increasingly large campaign donations from crypto magnates, including FTX founder Sam Bankman-Fried and his subordinates during the 2022 elections.Lawmakers now plan to convene several hearings to explore cryptocurrency and the government’s oversight of it.
Behnam generally is seen as supportive of the industry. He also has worked alongside the committee’s leaders — Sens. Debbie Stabenow and John Boozman — to advance legislation that would expand the power of the CFTC to oversee crypto, an idea advanced by Bankman-Fried personally. In recent days, lawmakers have said they are reevaluating the bill given its ties to FTX.
Two weeks later, the House Financial Services Committee hopes to question the FTX founder directly as well as the company’s rivals, including Binance, at what could be the first of multiple hearings. While Bankman-Fried has not confirmed that he intends to testify, Rep. Maxine Waters , the outgoing chairwoman of the panel, said the session is meant to ensure that “this never happens again.
Democrats just need to go to the DNC for FTX’s financials and include searching for Ukraine’s use pf the $billions they sent to that country.
Crypto is an artifact produced by block chain tech. There is no real utility, value or growth (except if bigger fools opt into the Ponzi scheme). The scheme has reached its zenith and will deflate from here.
Ah yes, hearings and grandstanding after all the FTX donations to Dems have already been spent on the election.