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FTX Collapse Sets Back Crypto Agenda in Washington
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The collapse of crypto exchange FTX has dealt a blow to the crypto industry’s hopes of pushing favorable legislation through Congress in the near term and ratcheted up pressure on the Securities and Exchange Commission and other regulators to crack down.
On Thursday, the Senate Agriculture Committee scrapped a tentative plan to mark up its bipartisan crypto bill this week, according to people familiar with the matter. The bill, crafted with input from FTX, had gained wide support from the crypto industry. Meanwhile, the SEC and Justice Department have launched wide-reaching investigations of FTX, its U.S. affiliate and their connections to the founder’s trading firm, The Wall Street Journal reported Wednesday.
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