FTX Chief's Meeting with Powell Causes Struggles for D.C. Crypto Lobbyists
Cryptocurrency lobbyists are facing challenges in Washington as they struggle to gain access to key officials and congressional offices. The downfall of FTX, including the arrest of its founder Sam Bankman-Fried on fraud charges, has tarnished the industry's reputation and led to increased skepticism from lawmakers. Lobbying efforts by surviving crypto companies continue, but they are having to shift strategies and distance themselves from FTX. The upcoming trial of Bankman-Fried has prompted the industry to change the subject and focus on other issues. Despite the challenges, the crypto industry is still pouring millions of dollars into lobbying and remains determined to shape regulatory oversight in its favor.