Sam Bankman-Fried’s Collapse of Crypto Regime Creates Chaos in Washington

Washington
Sam Bankman-Fried was a frequent visitor to DCIllustration by Gracelynn Wan Forbes; Images by Saul Loeb / Getty ImagesWhat has happened? Former FTX CEO Sam Bankman-Fried spent a significant amount of time in Washington over the past half year, meeting with lawmakers and their staffers. He developed his lobbying efforts to shape future crypto regulation in the US, with particular emphasis on how both spot exchange and subsequent trading could be regulated by the Commodity Futures Trading Commission (CTC). Some on Capitol Hill felt that he had a personal connection with the CEO, which resulted in a combination of both the FTX failure and the highly suspicious behavior of Bankman-Fried. Before the collapse of FTX, Bankman-Fried and its lobbyists resisted what many considered an aggressive, go-it-alone approach. Much of this…
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