Sam Bankman-Fried was found guilty on seven criminal counts of fraud and conspiracy by a federal jury in lower Manhattan.
Sam Bankman-Fried, the one-time cryptocurrency king, has met his fate with the justice system.Bankman-Fried — whose FTX empire was one of the world’s largest digital assets powerhouses, allowing him to becomeby a federal jury in lower Manhattan. The verdict capped what prosecutors called one of the biggest financial frauds in American history, setting up the 31-year-old fallen business mogul to potentially serve decades in prison.
While Bankman-Fried was accused of stealing customer funds — an allegation far beyond what other major crypto firms are confronting — financial regulators like Gensler’s SEC and the Commodity Futures Trading Commission are taking aim at the crypto business itself. The more than $1 trillion market, they say, is filled with tokens, companies and projects that violate long-standing securities and derivatives trading rules.
U.S. regulators have long voiced wariness about crypto, but FTX’s downfall dramatically changed the tone. Last year, Bankman-Fried descended on Washington to press for the establishment of industry-friendly rules, becoming the face of crypto in the nation’s capital. He doled out millions of dollars in political donations, met with regulators across the government and tried to sell lawmakers on the merits of digital assets.
Coinbase, the largest U.S. crypto exchange, has signaled that it will take the SEC’s case against it to the. The agency has alleged that the company is violating the guardrails that govern much of Wall Street, depriving investors of critical protection. But Coinbase executives counter that the decades-old rules for stocks and bonds shouldn’t apply to crypto, which they say is an entirely novel asset class in need of new rules from Congress.
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