{"id":9497,"date":"2023-11-04T07:47:44","date_gmt":"2023-11-04T07:47:44","guid":{"rendered":"https:\/\/infundpros.com\/business\/after-a-year-in-ftxs-shadow-the-crypto-industry-is-delighting-in-bankman-frieds-conviction\/"},"modified":"2023-11-04T07:47:46","modified_gmt":"2023-11-04T07:47:46","slug":"after-a-year-in-ftxs-shadow-the-crypto-industry-is-delighting-in-bankman-frieds-conviction","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=9497","title":{"rendered":"After a year in FTX\u2019s shadow, the crypto industry is delighting in Bankman-Fried\u2019s conviction"},"content":{"rendered":"
\n

\n It took just under a year for Sam Bankman-Fried to go from crypto wunderkind to convicted felon.\n <\/p>\n

\n No one is happier about that than the professionals in the industry that made him, for a time, a rock star.\n <\/p>\n

\n When Bankman-Fried\u2019s crypto empire collapsed last November, it sent the fledgling industry back years. For the crypto faithful who are still standing and striving, the trial couldn\u2019t be over soon enough.\n <\/p>\n

\n \u201cWith the trial\u2019s conclusion, the crypto community can start to turn the page on this unfortunate chapter,\u201d said Bobby Zagotta, US CEO of Bitstamp, a European-based exchange. \u201cSBF \u2026 does not define the crypto sector or what we aim to achieve.\u201d\n <\/p>\n

\n For much of the past year, crypto has been struggling to crawl out from FTX\u2019s shadow, and there\u2019s no shortage of schadenfreude going around now that Bankman-Fried is facing a prison sentence.\n <\/p>\n

\n \u201cA lot of folks in the crypto industry are delighted,\u201d said Yesha Yadav, a law professor and associate dean at Vanderbilt University. \u201cI think they\u2019re very happy to see SBF and FTX punished in the harshest possible terms.\u201d\n <\/p>\n

\n But shaking crypto\u2019s association with bad actors is a lot easier said than done, even as large institutional investors like BlackRock and Fidelity are lining up to get in on bitcoin funds.\n <\/p>\n

\n When the exchange collapsed, it set off a contagion in crypto and deepened a sustained selloff that saw the industry shed $2 trillion in value in 2022. Several firms that were exposed to FTX filed for bankruptcy or were forced to halt withdrawals. Regulators swooped in with lawsuits accusing some of the biggest names in the business, such as Coinbase and Binance, of selling unregistered securities. FTX customers whose deposits evaporated are still waiting in limbo to see whether they\u2019ll be made whole.\n <\/p>\n

\n The memory of Bankman-Fried won\u2019t be easily erased. The fraud he was convicted of organizing is among the biggest in US history, earning him a spot in the grifter hall of fame alongside Bernie Madoff and Elizabeth Holmes.\n <\/p>\n

\n And the conviction is hardly the end of his legal battle.\n <\/p>\n

\n A second trial on five additional charges, including alleged campaign-finance violations and bribery of foreign officials, is scheduled for March, and it\u2019s up to the Justice Department to decide whether it will still pursue that case. Bankman-Fried\u2019s lawyers vowed to keep fighting to prove his innocence, setting the stage for an appeal.\n <\/p>\n

\n Beyond FTX and Bankman-Fried, crypto is still locked in a regulatory tussle with the Securities and Exchange Commission and its leader, Gary Gensler, who has staked out an openly hostile position toward digital assets.\n <\/p>\n

\n \u201cThere\u2019s definitely an element of \u2018ding-dong the witch is dead,\u2019\u201d said Eric Soufer, a political adviser to major crypto companies, referring to Bankman-Fried\u2019s conviction. \u201cBut in crypto \u2026 the boogeyman is still Gary Gensler and the SEC, and I don\u2019t think this case fundamentally changes that dynamic.\u201d\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

It took just under a year for Sam Bankman-Fried to go from crypto wunderkind to convicted felon. No one is happier about…<\/p>\n","protected":false},"author":1,"featured_media":9498,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-9497","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nAfter a year in FTX\u2019s shadow, the crypto industry is delighting in Bankman-Fried\u2019s conviction | inFundPros<\/title>\n<meta name=\"description\" content=\"It took just under a year for Sam Bankman-Fried to go from crypto wunderkind to convicted felon. 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