Crypto blame game is back on US senators’ menu after SBF arrest

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The arrest of former FTXCEO Sam Bankman-Fried (SBF) by Bahamian authorities has served as a signal for anti-crypto proponents to reignite discussions about the dangers of cryptocurrencies. While some political leaders blame the crypto ecosystem for SBF frauds, others find it pointless to blame an entire industry for the action of one man.

In an FTX hearing before the House Financial Services Committee, Congressman Brad Sherman saw no difference between SBF and an industry that once boasted a $2 trillion market cap, like he said:

I’m afraid we see Sam Bankman-Fried as one big snake in a crypto Garden of Eden. The thing is, crypto is a snake garden.

He backed up this statement by explaining how cryptocurrencies, much like non-fungible tokens (NFTs), are bought in the hope of selling them at a higher price.

Representative Brad Sherman during the FTX hearing before the USHouse Financial Services Committee. Source: YouTube

He also highlighted how entrepreneurs such as “Sam Bankman-Fried would tell you there’s a hellish market for bankruptcy court avoidance” and pointed out how crypto helps bad actors’ tax evasion efforts.

On the other hand, Congressman Tom Emmer distanced himself from the fallout of FTX on the institution of cryptocurrencies during a speech before the United States House Committee on Financial Services. Instead, Emmer revealed how the immutable nature of blockchain technology helped the crypto community discover FXT Token (FTT) spreads, which ultimately led to the arrest of SBFs.

The information stored on the public blockchain will further help law enforcement dig into the nuances of possible crimes. He added:

I encourage my colleagues to understand Sam Bankman-Frieds asshole for what he is a failure of centralization, a failure of business ethics and a crime. It is not a failure of technology.

As naysayers attempt to tie SBF actions to the idea of ​​crypto and blockchain, the case for decentralization grows stronger. Blockchain-based public crypto ecosystems not only enable traceability, but can also help authorities with their anti-money laundering initiatives.

Related: US Senator: There’s “No Reason Why” Crypto Should Exist

Despite the decade-long federal resistance to crypto, support for U.S. crypto senators has obviously grown stronger. Pro-crypto Senator Cynthia Lummis believes in Bitcoin’s (BTC) position as a viable inclusion in 401(k) retirement plans, revealing her contempt for the prolonged but temporary bear market:

I’m very comfortable making sure people can include Bitcoin in their retirement funds because it’s just different from other cryptocurrencies.

Lummis places his bet on the scarcity of Bitcoins, which according to a personal belief will help increase the value of assets over time.

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