🎧 Listen: In today’s episode of The Journal podcast, GZuckerman profiles FTX founder Sam Bankman-Fried, who was seen as an approachable, friendly billionaire trying to do good—until his crypto empire imploded
This transcript was prepared by a transcription service. This version may not be in its final form and may be updated.
Sam Bankman-Fried: The amount of good that you can do for the future of the world is really large, and it's way more than you can do to actually make yourself happy with- Greg Zuckerman: SPF is very charismatic. He is super smart. He's thoughtful. He's got a vision of where the industry is going or was going to be going. There are reasons to like him a lot. He's not materialistic, it seems like he was friendly. He wore shorts, he wore t-shirts. He sometimes didn't wear shoes. It wasn't a bad face for this emerging industry.
Sam Bankman-Fried: In the end, my goal is to do as much good as I can for the world. I'm part of an effective altruism co-niche. Basically, it's a group of people looking to try and figure out if you want to maximize the amount of good you do, maximize the positive impact that you can have on the world, what does that imply? What does that mean you should do with your life?
Greg Zuckerman: The EA people, the effective altruism people, they were the ones who were more bullish on crypto and the future of digital currencies, and he became in that orbit. Greg Zuckerman: One of the executives, senior executives, investment executives, of Sequoia says, "I'm a 10 out of 10." The other one says, "I love this founder." And the funny thing is, while they're going back and forth and while SPF is making this pitch, he's playing a video game.Greg Zuckerman: No. No. Sequoia had no idea that he's playing some furious game of League of Legends while he's making this pitch.
Greg Zuckerman: Yes. So he became a presence on Capitol Hill in the world of debate about regulation in the crypto world. And his argument in the companies was that there should be more regulation and more transparency. Ironic, frankly, when you look back on it. Kate Linebaugh: The diplomatic push seemed to work. A Senate committee was working on a bipartisan crypto bill crafted with FTX's input. But some people weren't thrilled with SPF's calls for regulation. Why were his efforts in Washington making him enemies in the crypto ecosystem?
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