Washington Needs a Crypto Rethink

Kelleher told me that handing over primary regulatory authority to the C.F.T.C. would be a massive win for the crypto lobby. “The C.F.T.C. has been chronically underfunded, and it is easily penetrated and captured by an industry it is supposed to regulate,” he said. “FTX and other crypto firms wanted the weakest possible regulator, and that’s the C.F.T.C.”