US Congressman Says ‘Crypto Bros’ Preventing Legislation by Flooding Washington With Lobbying Money

US Congressman Says ‘Crypto Bros’ Preventing Legislation by Flooding Washington With Lobbying Money

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US Congressman Brad Sherman is calling out FTX executives for flooding Washington, D.C. with excessive lobbying efforts that have stymied crypto regulation legislation.

The Democratic congressman says he now plans to explore federal legislation that would add regulations to the crypto space after the collapse of digital asset exchange FTX.

Sherman, who is Chairman of the Subcommittee on Investor Protection and Capital Markets, says in a statement that regulations on crypto have not advanced due to the tens of millions of dollars in campaign contributions and lobbying efforts spent by FTX executives.

“In the coming weeks, I also plan to work with my colleagues in Congress to examine options for federal legislation. To date, efforts by billionaire crypto bros to deter meaningful legislation by flooding Washington with millions of dollars in campaign contributions and lobbying spending have been effective. 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.”

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Featured Image: Shutterstock/Kampan/Nikelser Kate

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