“My fear is that we’ll view Sam Bankman-Fried as just one big snake in a crypto Garden of Eden,” Democrat Rep. Brad Sherman said. The crypto industry is coming under some heavy fire in Congress on Tuesday in the wake of the arrest of the FTX founder.
The cryptocurrency industry is coming under some heavy fire in Congress on Tuesday in the wake of the arrest of Sam Bankman-Fried, with one House Democrat charging that the FTX founder isn’t just a one-off.
Sherman — who also likened crypto to an “electronic pet rock” — is a known critic of cryptocurrencies, and his comments came at a hearing at which Bankman-Fried was due to appear. The FTX founder is alleged to have stolen from FTX customers and lied to investors about using deposits to bankroll risky bets by his Alameda hedge fund, as MarketWatch has reported. He was arrested Monday in the Bahamas.
FTX’s failure has prodded lawmakers to consider a host of proposals for regulating the industry, even as Securities and Exchange Commission Chairman Gary Gensler says his agency has the tools it needs. Sherman was critical of handing oversight of the industry to the Commodity Futures Trading Commission, as some lawmakers want to do.
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