As Democrats and Republicans roll back into Washington, D.C. to ring in the 118th Congress, two things are clear.
With one million customers having lost billions of dollars, and prosecutors alleging Bankman-Fried drained their assets to prop up his failing Alameda Research trading firm, things are "bad" for the crypto industry, Hammond wrote in a Jan. 3 Twitter thread. He said: Among other things, Bankman-Fried was far and away the highest-profile crypto CEO in D.C, and many members of Congress found themselves returning large donations under "an onslaught of negative press."
Among other things, that means that congressional focus on an FTX investigation will likely push back action on stablecoin regulation, even though "it is still top of mind for many," he said.One possibility, Hammond said, is that the scale of the disaster may push comprehensive legislation through the badly divided Congress.
On the other hand, on top of the current, broader dysfunction of U.S. politics in general and a brewing internecine battle within the Republican party, there is the "unique dynamic" of a split Congress to contend with, Hammond said. The House and Senate Agriculture Committees, which have focused on crypto oversight by the Commodity Futures Trading Commission may be a more likely source of legislative agreement than the Securities and Exchange Commission-focused finance and banking Committees. Hammond added:
Why? They need some one new for donations? 🤣
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That was to be expected. Many argue it was all orchestrated for this to happen. What do you all think?
Government workers depend on the fiat ponzi scheme to continue stealing from tax slaves. WakeUp
So convenient to get involved in something they quite probably orchestrated themselves..government wants to “protect retail funds” 🤣🤣🤣
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