Regulation

US Congressman Says ‘Crypto Bros’ Preventing Legislation by Flooding Washington With Lobbying Money

US Congressman Brad Sherman is looking out FTX executives for flooding Washington, D.C. with extreme lobbying efforts which have stymied crypto regulation laws.

The Democratic congressman says he now plans to discover federal laws that might add rules to the crypto house after the collapse of digital asset trade FTX.

Sherman, who’s Chairman of the Subcommittee on Investor Safety and Capital Markets, says in an announcement that rules on crypto haven’t superior as a result of tens of tens of millions of {dollars} in marketing campaign contributions and lobbying efforts spent by FTX executives.

“Within the coming weeks, I additionally plan to work with my colleagues in Congress to look at choices for federal laws. Thus far, efforts by billionaire crypto bros to discourage significant laws by flooding Washington with tens of millions of {dollars} in marketing campaign contributions and lobbying spending have been efficient. A substantial amount of consideration has been given to former FTX CEO, Sam Bankman-Fried’s, political donations to Democrats; most of that was spent in primaries (principally unsuccessfully), to not assist Democrats beat Republicans. Nonetheless, we have now additionally seen Ryan Salame, the co-CEO of Bahamas-based FTX Digital Markets, donate over $23 million to Republican candidates and marketing campaign teams in 2022.

If you look at FTX efforts to affect Washington, you need to take a look at each CEOs, not simply the eccentric man sporting the shorts.”

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