Politicians backed by the embattled digital asset exchange FTX have a difficult decision ahead, according to Ron Hammond, the director of government relations for crypto lobbying group Blockchain Association.
Hammond мындай дейт: FTX chief executive Sam Bankman-Fried (SBF) personally lobbied Washington DC lawmakers more than any other CEO, “crypto or not.”
“As the election ramped up, so did concerns about his donations to members while also aggressively lobbying for the controversial Digital Commodity Consumer Protection Act (DCCPA). Political donations are nothing new, but the number and amount of donations were eye-popping.
As these political donations were occurring (again want to harp this is common in campaigns), FTX was lobbying for the passage of the DCCPA.”
The DCCPA would vest the Commodity Futures Trading Commission (CFTC) with the authority to regulate the trading of digital commodities.
Hammond says FTX’s involvement in lobbying for the bill presents legislators with a dilemma.
“Some unanswered questions: what happens to those Members who took SBF’s campaign contributions (which is a LOT of members) if DCCPA comes to a vote? DCCPA is largely viewed as an FTX proposal and the political ramifications/optics of voting or moving this bill could be bad.
Will the recent Tether developments spur Congress to move on stablecoin legislation more quickly or potentially combine it into a market protection bill? Stablecoin legislation is likely the first thing Congress will tackle in 2023, but many in Congress will want more done.
How will the crypto industry change lobbying tactics in wake of FTX’s blunder? Many in the industry forget that there are other stakeholders whose input is solicited in legislation (regulators, academia, consumer groups, international regs, etc). A divided industry will lose.”
Beat сагынбаңыз - жазылуу электрондук почта билдирүүлөрүн электрондук почтаңызга түздөн-түз жеткирүү үчүн
текшерүү Баа Action
Постту бизди Twitter, Facebook жана телеграмма
Surf Daily Hodl Mix
Disclaimer: The Daily Hodl айтылган пикирлер салым кеп эмес. Investors Биткойн, cryptocurrency же санариптик каражаттарды ар кандай жогорку тобокелдик салымдарды чыгарар алдында текшерүү керек. Сураныч, которуулар жана кесип ээлери өз коркунучу бар экенин эскертип турган жана эч бир сиз жооптуу болуп калышы мүмкүн жоготот. Daily Hodl кандай cryptocurrencies же санариптик каражаттарды сатып алуу же сатуу сунуш да Daily Hodl салым насаатчысы эмес. Ошол Сураныч Daily Hodl санаторийи маркетинг катышат.
Featured Image: Shutterstock/Alex Gontar/Andy Chipus
Source: https://dailyhodl.com/2022/11/12/crypto-insider-says-ftx-backed-us-politicians-face-difficult-decision-on-upcoming-defi-regulation-heres-why/