{"id":509805,"date":"2022-11-14T09:14:35","date_gmt":"2022-11-14T06:14:35","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/us-lawmaker-blames-billionaire-crypto-bros-for-delayed-legislation\/"},"modified":"2022-11-14T09:14:35","modified_gmt":"2022-11-14T06:14:35","slug":"us-lawmaker-blames-billionaire-crypto-bros-for-delayed-legislation","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/us-lawmaker-blames-billionaire-crypto-bros-for-delayed-legislation\/","title":{"rendered":"# US lawmaker blames \u2018billionaire crypto bros\u2019 for delayed legislation"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2c788c9411e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2c788c9411e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/us-lawmaker-blames-billionaire-crypto-bros-for-delayed-legislation\/#%E2%80%9D_US_lawmaker_blames_%E2%80%98billionaire_crypto_bros_for_delayed_legislation_%E2%80%9C\" >&#8221; US lawmaker blames \u2018billionaire crypto bros\u2019 for delayed legislation &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_US_lawmaker_blames_%E2%80%98billionaire_crypto_bros_for_delayed_legislation_%E2%80%9C\"><\/span>&#8221; US lawmaker blames \u2018billionaire crypto bros\u2019 for delayed legislation &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvMjg4NmRhODYtNTA1OC00YTkzLTgxMzMtYTI1YjYwNGY1NGQ1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-e13e51fa>United States congressman Brad Sherman, a known crypto skeptic, has pointed the finger at \u201cbillionaire crypto bros\u201d for slowing down much-needed cryptocurrency regulation.\u00a0<\/p>\n<p>In a Nov. 13 statement <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/sherman.house.gov\/media-center\/press-releases\/congressman-brad-sherman-statement-on-collapse-of-ftx\">addressing<\/a> the collapse of crypto exchange FTX, Sherman said the exchange\u2019s implosion has demonstrated the need for regulators to take im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te and aggressive action:<\/p>\n<blockquote><p>\u201cThe sudden collapse this week of one of the largest cryptocurrency firms in the world has been a dramatic demonstration of both the inherent risks of digital assets and the critical weaknesses in the industry that has grown up around them.\u201d<\/p><\/blockquote>\n<p>\u201cFor years I have advocated for Congress and federal regulators to take an aggressive <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach in confronting the many threats to our society posed by cryptocurrencies,\u201d he added.<\/p>\n<p>Sherman announced his plans to work with his Congress colleagues to examine options for federal legislation, which he hopes can be carried out without the financial influence of members in the cryptocurrency industry:<\/p>\n<blockquote><p>\u201cTo 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.\u201d<\/p><\/blockquote>\n<p>\u201cI believe it is important now more than ever that the SEC take decisive action to put an end to the regulatory gray area in which the crypto industry has operated,\u201d the senator added.<\/p>\n<p>While Sherman made a direct reference to former FTX CEO Sam Bankman-Fried and political donations to the Democratic Party, he also mentioned Ryan Salame, the co-CEO of FTX, who donated to Republicans in 2022. <\/p>\n<p>Bankman-Fried was also reported to have donated $39.8 million into the recent 2022 U.S. midterm election,\u00a0which he said was distributed to both the Democratic and Republican parties. The nearly $40 million figure made him the sixth largest contributor. <\/p>\n<p>While Sherman has advocated for an \u201caggressive approach\u201d to crypto regulation, Thomas Hook, a Professor on Cryptocurrency Regulation at Boston University School of Law recently told Cointelegraph that regulators should be looking to implement \u201ccommon sense regulation:\u201d<\/p>\n<blockquote><p>\u201c[Regulators] are reacting to an industry that is evolving constantly but overregulation could stifle that innovation [&#8230;] poorly thought-out regulation could create a two-fold issue: first it could limit US consumers\u2019 ability to participate in the cryptocurrency ecosystem and it could also drive these businesses to less regulated jurisdictions.\u201d<\/p><\/blockquote>\n<p>\u201cThis actually creates more risk for customers as it puts them in a position of dealing with less regulated institutions to participate in the ecosystem,\u201d he added. <\/p>\n<p>His comments, however, were made before the collapse of the FTX crypto exchange. Cointelegraph has reached out to Hook to understand if his position has changed in light of the new events. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>US senators commit to advancing crypto bill despite FTX collapse<\/em><\/strong><\/p>\n<p>Meanwhile, Shark Tank host and millionaire venture capitalist Kevin O\u2019Leary stated in a Nov. 11 interview with CNBC that U.S. regulators \u201cneed to start with one thing\u201d rather than <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/video\/2022\/11\/11\/there-wont-be-another-situation-like-ftx-for-institutional-investors-ever-again-says-kevin-oleary.html\">regulating<\/a> everything at once \u2014 with the investor recommending Congress start with the Stablecoin Transparency Act.<\/p>\n<p>O\u2019Leary said that given the recent events at FTX, he believes institutional investors will likely put a pause on deploying \u201cserious capital\u201d into new investments until a legitimate regulatory framework is set in place:<\/p>\n<blockquote><p>\u201cThat would signal to everybody around the world that regulators in the United States are taking crypto on, starting to put rules in place, putting the guard rails on, no one is going to play ball in this space on an institutional level with serious capital until we get it done.\u201d<\/p><\/blockquote>\n<p>Among the most notable cryptocurrency bills to have been introduced into U.S. Congress <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/house-bill\/2211\">include<\/a> the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/house-bill\/2211\">Central Bank Digital Currency Study Act<\/a> of 2021, the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/senate-bill\/4760\/text#:~:text=Introduced%20in%20Senate%20(08%2F03%2F2022)&amp;text=To%20amend%20the%20Commodity%20Exchange,market%2C%20and%20for%20other%20purposes.\"><\/a><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/senate-bill\/4760\/text#:~:text=Introduced%20in%20Senate%20(08%2F03%2F2022)&amp;text=To%20amend%20the%20Commodity%20Exchange,market%2C%20and%20for%20other%20purposes.\">Digital Commodities Consumer Protection Act<\/a> of 2022 (DCCPA), the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/senate-bill\/3970\/all-info\"><\/a><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/senate-bill\/3970\/all-info\">Stablecoin Transparency Act<\/a>\u00a0and the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/house-bill\/5082?s=1&amp;r=11\">Cryptocurrency Tax Clarity Act<\/a>.<\/p>\n<p>Future bills will center around\u00a0President Joe Biden\u2019s executive order in March 2022 \u2014 which will include bills aimed at improving consumer and investor protection,\u00a0promoting financial stability, countering illicit finance and improving the United States\u2019 standing in the global financial system, financial inclusion and responsible innovation.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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