The post Congressman Brad Sherman Blames ‘Billionaire Crypto Bros’ for the FTX Collapse appeared first on Coinpedia Fintech News
Congressman Brad Sherman, Chairman of the Subcommittee on Investor Protection and Capital Markets, in a statement regarding the collapse of FTX, has blamed ‘billionaire crypto bros’ for deterring proper regulations in the United States.
According to Sherman, crypto billionaires have used their customers’ capital to fund the 2022 midterm elections. As such, very little help can be offered from Washington, which is under siege by billionaire crypto investors constantly lobbying.
“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,” Sherman noted.
Nonetheless, the Congressman has called on the relevant United States agencies to regulate cryptocurrency exchanges operating in grey areas.
“I believe it is impo
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