by Brady Dale at Axios
Sam Bankman-Fried, the co-founder and CEO of the failed crypto exchange FTX, thought very little of his industry’s political intelligence, evidence revealed at his trial shows.
Why it matters: Bankman-Fried lost significant good faith in the crypto industry after releasing a blog post in October 2022 on what he felt was needed in terms of cryptocurrency legislation in the United States.
- From industry leaders to rank-and-file fans of bitcoin and ether, many people pushed back, arguing that SBF was going much too far.
Zoom in: In direct messages on X (then known as Twitter) entered into evidence in SBF’s criminal trial, a senior reporter at The Block, Frank Chaparro, asks how much lobbying he plans to do in light of the pushback.
What they’re saying: “OFF THE RECORD yea I’m basically going to stop lobbying either way,” SBF responds. “Think they’re dumb motherf****** and about to hand the industry to Gensler on a silver platter.”
The intrigue: Since the collapse of FTX, many have accused SBF of having too cozy of a relationship with SEC chair Gary Gensler…
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