FTX Leaves US Cryptocurrency Lobbying Activities!

FTX’s American arm, FTX.US, has split from the Crypto Council for Innovation, a digital asset industry trade group.

Sheila Warren, president of the industry advocacy association, announced the departure of FTX.US in a statement.

The US Cryptocurrency Council (Crypto Council for Innovation) Announces FTX.US’s Leaving The Group

In an e-mail on the matter, Warren said:

“The Council has accepted the resignation of FTX.US as associate member, and we continue to work to create a regulation that protects users and secures innovation to bring about real change. The news this week was shocking, but we also saw the community come together.

We have a historic opportunity to get the policies right and the Crypto Council will continue to work to achieve that.”

This breakup came as part of FTX’s rapid collapse earlier this week. FTX.US has told its clients today that trading on its platform may be halted in the coming days.

The remaining members of the group include venture capital firm Andreesen Horowitz, Block (formerly Square), Coinbase, Gemini, and Fidelity’s Digital Assets arm.

FTX CEO Sam Bankman-Fried has become a familiar name in Washington this year as he advocated changes to the Commodity Futures Trading Commission (CFTC) rules and legislation that would give the agency greater powers to regulate and oversee digital asset markets.

This advocacy and cryptocurrencies His position as its most prominent representative in Washington had become controversial for some industry-affected people.

*Not investment advice.