US Congressman Blames SBF and Ryan Salame For Delaying Crypto Regulation

US Congressman Brad Sherman recently released a statement targeting the CEOs of FTX. After the collapse of FTX, the crypto market went on a spiral downtrend with no hopes of recovery. Amidst the situation, he blamed SBF and Ryan Salame, Co-CEO of Bahamas-based FTX for stalling a long-overdue cryptocurrency regulation.

US Congressman Blames SBF and Ryan Salame For Delaying Crypto Regulation
Image of the US Congress, Sourced from: USC News

In his press release, he stated that:

A great deal of attention has been given to former FTX CEO, Sam Bankman-Fried’s, political donations to Democrats; most of that was spent in primaries (mostly unsuccessfully), not to help Democrats beat Republicans. However, we have also seen Ryan Salame, the co-CEO of Bahamas based FTX Digital Markets, donate over $23 million to Republican candidates and campaign groups in 2022. When you examine FTX efforts to influence Washington, you have to look at both CEOs, not just the eccentric guy wearing the shorts.”

He believes that their individual donations to different parties delay the win on either side. This has potentially dragged the outcome on proper regulations in crypto. He also highlighted the importance of crypto regulations in his statement:

“The sudden collapse this week of one of the largest cryptocurrency firms in the world has been a dramatic demonstration of both the inherent risks of digital assets and the critical weaknesses in the industry that has grown up around them. I believe it is important now more than ever that the SEC take decisive action to put an end to the regulatory gray area in which the crypto industry has operated.”

The damage that FTX created was huge. Now, the best course of action in his opinion is to make sure those responsible are held accountable. He further mentions that he is in full support of the SEC and CFTC. In the coming week, he will be working closely with his team in the congress to examine options for federal regulation.

Closing Thoughts

FTX’s bankruptcy has taken a huge toll on many of us. What will happen to the crypto industry? How will the government regulate crypto? Despite the recent events, there are still a lot of countries that are opening up to cryptocurrency. Hong Kong for example is feeling bullish. They are now more than over striving hard to prepare the community for a grand crypto welcoming. Our best course of action right now, is to stay tuned on the industry news with MEXC and check out our recent articles. We believe that an educated audience is the best audience. So what are you waiting for? Start your crypto journey with MEXC today!

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Wilbur Kwok
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