4/28/2023 0 Comments Empire market linkBankman-Fried and his lobbyists, including former federal regulators, were at the center of the effort. The meltdown - arguably the most devastating in the history of crypto - is threatening to derail a broader industry lobbying campaign that had been gaining traction with Republicans and Democrats eager to draft new laws to accommodate digital asset startups. “This is a pretty big body blow for an industry that was just starting to get its legs under it.” “There are folks who are going to feel burned by this whole episode,” said Isaac Boltansky, director of policy research at the global financial services firm BTIG. One Democratic congressional staffer who requested anonymity because they weren’t authorized to speak publicly compared the collapse to seeing the man behind the curtain in “The Wizard of Oz,” with Bankman-Fried’s razzle-dazzle performance for lawmakers and regulators amounting to smoke and mirrors. The crisis has demolished Bankman-Fried’s public image as a go-to resource for policymakers writing rules for crypto - a reputation that was built on his willingness to write multimillion dollar checks to boost Democrats.
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