This week, the crypto world rallied over one event: the arrest of Sam Bankman-Fried (or SBF), former CEO of the fallen FTX crypto exchange.
After neglecting to make an in-person appearance at a House committee hearing on Wednesday, SBF was arrested in the Bahamas.
Facing charges that include wire fraud, securities fraud, and money laundering, the arrest is a necessary step in cleansing crypto’s house of bad actors… and one that could lead to crypto-appropriate regulation, accountability, and transparency.
As we wrote this week, the decentralized nature of crypto has all those attributes and more… But SBF and centralized crypto entities like FTX need to face the consequences for removing that from the equation to fuel their greed.
Until that happens, we’ll continue to focus on following the fundamentals… and crypto remains the strongest asset class in terms of security, technological capability, and transparency.
Editorial Director, Palm Beach Daily