Rep. Brad Sherman Calls SBF ‘Inmate 14372’: ‘His One Purpose Was to Keep the SEC Out of Crypto’

EXCERPT:

SHERMAN: “Now, Sam Bankman-Fried, or should I say Inmate 14372, had one purpose in all of his efforts here in Congress. He was a well-known figure, the only one wearing shorts. His one purpose was to keep the SEC out of crypto to provide a patina of regulation, baby regulation from the SFTC. And I’ll have one comment for my colleagues: Don’t trash Sam Bankman-Fried and then pass his bill. I fear that could happen because Sam was not the only crypto bro with PACs and lobbyists, and there is no PAC or lobbyist here to work for efficient tax enforcement or sanctions enforcement. Now, I’ve heard from some on the other side criticizing the SEC. In July in this room, I criticized the head of the SEC for not going — the head of enforcement of the SEC for not going after crypto exchanges, but the fact is that — without objection, I’d like to put in the record a letter signed by 19 Republican members designed to push back on the SEC, a brushback pitch if you’re familiar with baseball, attacking the SEC for paying attention to and, quote, 'the purported risks of digital assets.' And I’d like to put on the record, without objection, comments from eight members made in this room that were designed to attack the SEC is being a Luddite and anti-innovation for their efforts.”