Sam Bankman-Fried’s trial pulled back the curtain on crypto
VoxNov 03, 2023
Sam Bankman-Fried Convicted of FTX Fraud
The Spin
Narrative A
FTX was seen as one of the more reputable firms in the crypto world, and its founder was considered a Capitol Hill darling, having donated millions to political campaigns and helped write legislation around cryptocurrencies. This predictable end to this shocking story — which will have ripple effects across the cryptosphere — will likely be the nail in the coffin for the industry.
Narrative B
Despite the myriad of problems exposed by the FTX fiasco, cryptocurrency can't be counted out as a viable long-term investment. While it will take work to rebuild trust in the industry, it can be done with the help of oversight, as this case has renewed calls for more regulation of this "wild west" financial space.