Changes for regulation of the cryptocurrency industry passed in the U.S. House of Representatives on Wednesday afternoon in legislation opposed by the White House.
Lawmakers voted 279-136, moving the Financial Innovation and Technology for the 21st Century Act – known colloquially as FIT21 – forward. Seventy-one Democrats were among those in favor.
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Sam Bankman-Fried’s arrest makes for a fitting final act to this chapter of cryptocurrency history. The internet prodigy-turned-supervillain had been at large for a whole month since the spectacular collapse of his crypto trading platform, FTX. But Sam is no Butch Cassidy. Rather than vanishing, he spent his time tweeting, giving interviews, and most stupefying of all, making appearances at high-powered New York Times business conferences alongside the likes of Mark Zuckerberg and Janet Yellen. Tucker Carlson speculated at the time that Bankman-Fried’s lavish donations to Democratic politicians had afforded him de facto immunity from prosecution. It seems that the goodwill has now run out.
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