As lawmakers in D.C. have debated legislation to regulate the crypto industry, they have turned to Sam Bankman-Fried, the 30-year-old founder of FTX known for an unruly mop of hair and a willingness to open his checkbook.
A stunning series of events saw Binance, FTX’s chief competitor, announce on Tuesday that it would acquire the Bahamas-based exchange after spurring a liquidity crisis. Bankman-Fried's fall from grace raises doubts over his high-profile role in the industry—and how D.C. will approach regulation, including the Senate’s proposed Digital Commodities Consumer Protection Act, which many feel is long overdue.
