US Congressman Brad Sherman said that the collapse of the FTX exchange demonstrated the need for regulators to take more aggressive action against the industry.
Brad Sherman has advocated an aggressive Congressional approach for years. According to him, in light of recent events related to the collapse of the FTX cryptocurrency exchange, he intends to study options for the formation of new laws together with other congressmen. He also expressed the hope that participants in the cryptocurrency market would not interfere in this process.
“So far, the efforts of the crypto billionaires to contain significant cryptocurrency bills that propose fundamental measures to regulate the industry have been effective – they have poured millions of dollars in campaign donations,” Sherman said.
He recalled that former FTX CEO Sam Bankman-Fried planned to donate more than $1 billion to election campaigns last fall. However, according to him, now more than ever it is important that the US Securities and Exchange Commission (SEC) begin to act decisively and bring the crypto industry out of the gray zone of regulation.
Previously, the US Commodity Futures Trading Commission (CFTC) tried to prove to the US Congress that crypto assets are a commodity that falls under its jurisdiction.
