Cointelegraph claims that Bankman-Fried generously contributed funds to both Democrats and Republicans in Washington.
Legislators in the US seem to be reevaluating the crypto business and its regulatory needs in light of the failure of FTX. According to Cointelegraph, the Wall Street Journal said that after the bitcoin exchange filed for bankruptcy in November, politicians have been under pressure to create new laws for cryptocurrencies.
Cointelegraph reports that lawmakers are pressuring the Securities and Exchange Commission (SEC) to adopt a combative posture toward the cryptocurrency sector and that various measures are in the works that would subject cryptocurrencies to current banking, securities, and tax laws.
Former FTX CEO Sam Bankman-Fried advocated in Washington for legislation that would allow the Commodity Futures Trading Commission (CFTC) to regulate cryptocurrencies. It was anticipated that the law would be included in the budget expenditure package for 2023, but given the most recent events, it is now unlikely to proceed.
Cointelegraph claims that Bankman-Fried generously contributed funds to both Democrats and Republicans in Washington. Earlier this year, he thought of spending up to $1 billion to influence the 2024 presidential election campaigns.
