Brad Sherman, a part of US Congress and a crypto sceptic by the beliefs said that the billionaire crypto bros should be held responsible for decreasing the pace of making crypto regulations. As per his statement on 13th November, he talked about the breakdown of the crypto exchange FTX. He mentioned that this collapse indicates the dire need to regulate the crypto industry and implement aggressive actions to address the concerned issues.
He further said that he had stated for years to other Congressmen that there is a severe need to address and regulate the threat that industries like cryptocurrency project to society. Moreover, he added that he has worked on the plans with his Congress colleagues to analyze the scope of federal regulations for the crypto industry. The Congressman aims to build legislation that will not affect the financial aspects of people in
He further said that he trusts that SEC is in a position where it should confront such action and take regulatory measures for different areas operated in the industry.
Sherman also directly pointed out the former CEO of FTX, Sam Bankman, for his donations to the Democratic party. But, along with it, he also indicated the donations of the co-CEO of FTX named Ryan Salame to the Republicans.
Further, Bankman allegedly donated $39.8 million this year during the 2022 US midterm, which was given to the Democratic and Republican parties. This approximately went up to $40 million, making him the 6th largest person in the donations.
At the same time, the Shark Tank host Kevin O’Leary, a millionaire venture capitalist, said on 11th November that the US government needs to start somewhere instead of trying to regular everything at once. In an interview with CNBC, he suggested they should begin with Stablecoin Transparency Act.
