Riding The Wave News Summary 112
Former FTX US President lashes out at ‘insecure’ SBF in 49-part Twitter thread rant, Republican Lawmakers Push Crypto Regulation with New House Subcommittee, & more.
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Tweets
Former FTX US President lashes out at ‘insecure’ SBF in 49-part Twitter thread rant
Republican Lawmakers Push Crypto Regulation with New House Subcommittee
Polygon primed for hard fork aimed at reducing gas fee spikes: New details revealed
One of the largest US colleges has begun teaching students about Bitcoin
Tweets
Former FTX US President lashes out at ‘insecure’ SBF in 49-part Twitter thread rant
Former FTX US President Brett Harrison has lashed out at Sam Bankman-Fried for manipulating and threatening colleagues who proposed solutions to reorganize FTX US’ management structure.
Harrison shared his experiences with Bankman-Fried and FTX US on Dec. 14, explaining how he was hired “casually over text” in March 2021 after working together at New York-based trading firm Jane Street for a few years.
But six months into Harrison’s tenure at FTX US, “cracks began to form” between the two, he said.
Despite recalling Bankman-Fried to be a “sensitive and intellectually curious person” at first, Harrison said he saw “total insecurity and intransigence” in Bankman-Fried when confronted with conflict, particularly when Harrison suggested FTX US establish separate branches for its executive, developer and legal teams.
Part of that irrational behavior Harrison describes included a series of gaslighting and manipulation tactics Bankman-Fried used against Harrison and other colleagues in their bid to clean up FTX US’ corporate mess.
Harrison also recalled his last attempt to fix FTX US’ organization issues with Bankman-Fried, claiming that he threatened to “destroy my professional reputation” if a formally apology wasn’t received
Republican Lawmakers Push Crypto Regulation with New House Subcommittee
After assuming control of the House of Representatives, Republicans are forming what they are calling a first-of-its-kind congressional group focused on digital assets.
The new Subcommittee on Digital Assets, Financial Technology and Inclusion was announced Thursday by Congressman Patrick McHenry (R-NC), as other subcommittees for the House Financial Services Committee were put forth
McHenry said he believes there’s “a big hole in how we structure the committee,” as it spends more resources on topics related to the digital asset sector instead of the larger financial industry, Politico reported Thursday.
The new panel will provide “rules of the road” for federal regulators of the digital asset ecosystem, as well as develop policies that reach underserved communities through the promotion of financial innovation, according to a recent press release.
The panel’s creation comes as multiple pieces of crypto-related legislation work their way through the legislative process, such as the Lummis-Gillibrand Responsible Financial Innovation Act—introduced in the Senate in June of last year—and more recently, The Stablecoin TRUST Act, introduced by former Republican Senator Patrick Toomey in the final weeks of his Congressional career.
Hill is no stranger to crypto policy initiatives. In 2021, Hill co-sponsored a bill that required the Board of Governors of the Federal Reserve System to study the potential impact of a U.S. Central Bank Digital Currency (CBDC), calling it “important work” when the report was eventually released.
He also floated the possibility of speaking with companies such as Binance, focussing on what role it played in FTX’s collapse after CEO Changpeng Zhao telegraphed his company’s move to sell its holdings of FTT—and later abandoned its buyout of Sam Bankman-Fried’s now-bankrupt exchange.
“I look forward to learning more from FTX and Binance in the coming days about these events and the steps they will take to protect customers during the transition,” McHenry stated.
Polygon primed for hard fork aimed at reducing gas fee spikes: New details revealed
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