The heel turn.
He may have had easier inroads in Washington because of those kinds of connections. But Bankman-Fried’s interests in DC seem to have been fairly narrow. He was particularly interested in the Digital Commodities Consumer Protection Act and lobbying to make the Commodity Futures Trading Commission the main regulator for crypto exchanges. Another interest of his — no surprise given FTX’s market in crypto derivatives — was, as commonly used in traditional finance.
Bankman-Fried was already receiving blowback from parts of the crypto industry about his advocacy for DCCPA, says, an expert in financial and securities regulation at Vanderbilt Law School. “The bill he was forwarding was criticized as being too FTX-friendly,” she says. Some in the crypto industry say this characterization of the DCCPA was unfair — but that the fallout from FTX created a lot of uncertainty around the bill.
“I don’t think anybody with an agenda is going to let a good crisis go to waste, and anyone with a solution is going to use this as a way to promote their solution as being the right one,” says Marco Santori, the chief legal officer at the Kraken exchange. Some of the ideas out there are smart and effective, he told me. He’s hoping they get the most play.
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