Cracking crypto currency

DISCLAIMER: I have never used crypto-currency and in t he camp that thisa FTX scandal will set it back, though how much I don't know. i know the basics and this piece is more of an overall overview on my take on the FTX scandal and the Congressional response. I will be watching Bankman Fried's testimony.

The US Justice Dept. just released the charges against FTX wonderboy Sam Bankman Fried. The charges he's facing include conspiracy to defraud the United States, wire fraud securities fraud and money laundering. T he Charges could mean, if convicted, he could be facing a jail sentence. Not to mention the slew of angry people who w ould like nothing better to throw him into a big dark pit with flesh eating bacteria. Ok that's a bit dramatic but I'm sure  they can recoup some of the money he stole. At first people say he was the next Warren Buffet only to realize he was really the next  Bernie Madoff or Kenneth Lay. From what I read, like Mark Zuckerburg, he really isn't a remarkable programmer. He assembled a team to do most of the dirty work, then reaped the benefits. To avoid arrest Bakeman-Fried tried to escape to the Bahamas where he was soon arrested and the latest is the Bahamian government isn't going to fight extradition. I think that was a smart move.

There's no point in rehashing all the charges against him, more than likely this will be a long drawn out trial filled with the usual twist ands turns of other "celebrity trials" like Bernie Madoff or say O.J. Simpson aor michael Jac kson. I'm sure all the news outlets will have their usual slants on the  proceedings. Take  your pick, although I highly doubtful he'll find a sympathetic ear. Although a few tried to  say the hate against hi-m was bordering on anti semitic, which should be  a surprise on the current political climate we live in. Of course people on the political left, right and center are weigh in. The left is trying to paint him as the next Ken Lay while the right is highlighting he fact Fried donated heavily to Democratic causes. Your typical finger pointing whenever something of this magnitude goes down.

  Fried being charged with laws that apply to physical currency like dollars, pounds or Euros like wire fraud, securities fraud and money laundering.  I'm in the camp where  good defense lawyers ares going to parse the laws to  get the minimum sentence for their client, this is America after all. My prediction is they will be somewhat successful, although they won't get him complete off the hook. The  next step will be Congress will try to enact new laws in hopes of preventing this mess from ever happening again, We've seen it all the time with other stuff from guns to seat belts in vehicles. The problem I see is Congress as a whole doesn't understand the crypto currrency market well enough to regulate because it's too new of a technology.  This happens with all technologies, the laws always need to catch up and law makers have advisors, which questions arise about their credential./

I want to see Bankman-Freid and his cohorts be held responsible for their actions I would also like to see them rot in jail like Bernie Madoff or the CEO of Enron. However based on the interviews I've seen, I'm very weary of the fact Congress is once again stepping into a realm they don't quite understand. My hop\e is they try to get past the wrongdoings and truly try to understand the technology before they try to "fix it". Based on past performances I have very little faith. For once Congress so have to prove the really understand the technology before they put new regulations on it!


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