Sam Bankman-Fried haunts the halls of Congress, lawmaker says

“His ghost is still in this room. He haunts the halls of Rayburn,” Sherman said, referencing the Rayburn House Office Building in which the hearing was held. “But let’s remember why he was here. For one reason: To prevent the SEC from having jurisdiction over cryptocurrency.”

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The Thursday afternoon hearing was held by the House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion. During his remarks, Sherman said that Bankman-Fried was seeking “baby regulation” for crypto through the Commodity Futures Trading Commission rather than the Securities and Exchange Commission.

“All the money and power in this town is on the pro-crypto side because crypto bros make money literally by making money and they’ve made over a trillion dollars out of thin air,” Sherman said. “They’ll accuse the U.S. government of making money out of thin air. Maybe we do, but we’re the U.S. government. What we’re able to do benefits the American people in a democratic system. Nobody elected Sam Bankman-Fried.”

Source: The Block: Sam Bankman-Fried haunts the halls of Congress, lawmaker says