While the collapse of Sam Bankman-Fried’s crypto empire is prompting changes in the crypto industry and beyond, it is unlikely to change loophole-ridden campaign finance rules.
. Large portions of voters in both parties see the system as corrupt and not responsive to ordinary Americans.
"I fear and believe that the political class, and really the American public, to the degree that they’re concerned about this, is growing inured to these stories," Krumholz added."I’m not saying all hope is lost. But as time marches on, any rule or status becomes ingrained and the norm, we run the risk of it just becoming accepted."
Bill Cortese, a Republican campaign veteran who is now executive director of American Promise, a cross-partisan, nonprofit group advocating for a constitutional amendment that would allow for states to individually regulate federal campaigns within their borders, said the latest scandal may be just what’s needed to get the ball rolling.
Jeff Hauser, founder and director of the Revolving Door Project, said he does believe that the Bankman-Fried scandal could lead to more narrowly tailored reforms around straw donors — a major piece of the Bankman-Fried indictment — and how think tanks and other influence groups raise money.
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