For FTX, the crypto exchange Mr. Bankman-Fried founded, the goal was to steer oversight of crypto into the hands of what was perceived to be a friendlier regulator than the Securities and Exchange Commission, which has been promising a more stringent approach.
His effort dovetailed with desires of other regulators and legislators to hold sway over a new, fast-growing industry. The Commodity Futures Trading Commission, which has had periodic turf battles with the SEC, wanted to expand its regulatory purview, while the Senate committee that oversees it saw a rare chance to carve out an expanded role for itself.
Source: FTX’s Collapse Upends Sam Bankman-Fried’s Washington Play – WSJ
