Leading up to the March 28, 2024 verdict for Sam Bankman-Fried (SBF), the crypto community is buzzing with anticipation. They are sharing their thoughts on the trial of the disgraced founder of FTX, a once-prominent crypto exchange that has since shuttered.
Following the verdict, the crypto markets experienced a decline, although the losses were relatively contained. Bitcoin (BTC) has witnessed an impressive 100% surge this year, following the 2022 $1.5 trillion digital asset crash. However, at the time of this writing, it has experienced a slight dip of approximately 1% to $34,416.
Bloomberg reporters have taken a moment to reflect on the court’s decisions. They are raising questions about what might lie ahead for the cryptocurrency landscape.
FTX Founder Found Guilty: Reactions and Industry Implications
According to experts interviewed by the publication, the verdict signifies the conclusion of an era marked by risky and illicit practices. Moreover, it points towards a future that is more regulated. This regulatory landscape is expected to foster greater adoption of digital assets and blockchain technology.
Ether Capital Corp.’s CEO, Brian Mosoff, interpreted the conviction as the conclusion of an era of “unrestrained exchanges, fraudulent assets, and deceit.”
In the meantime, Angelina Kwan, CEO of regulatory consultancy Stratford Finance Ltd., has emphasized a significant point. She highlighted that the ruling reinforces the notion that crime doesn’t pay in the digital asset realm.
It also signifies the presence of enforcement measures aimed at instilling confidence in investors and traders. These measures ultimately aid in the maturation of the industry.
Inner City Press reporter Matthew Russell Lee was present at the hearing. He anticipated that SBF’s lawyer, Mark Cohen, would argue for his release immediately after the conviction. Furthermore, this argument would be based on SBF’s inability to tamper with witnesses. However, lawyer Mark Stewart expressed deep dissatisfaction with the court’s decision.
FTX Founder Sam Bankman-Fried Found Guilty on All Counts, Faces Lengthy Prison Term
Notably, on November 2, Sam Bankman-Fried faced a significant development. He was found guilty on all seven counts related to the case of the collapsed FTX crypto exchange in November 2022.
This verdict came following Bankman-Fried’s arrest in 2023, which was connected to allegations of fraud and money laundering in relation to his failed crypto exchange, FTX. As a result of this conviction, he now faces the possibility of a lengthy prison sentence. The sentencing is scheduled for March 28, 2024.