Posted 11/28/2023, 11:01:16 AM
Hayes Calls U.S. Punishment of Crypto Executives 'Absurd' Compared to Wall Street Following 2008 Crisis
- Arthur Hayes argues treatment of CZ and Binance by U.S. is "absurd", highlighting arbitrary punishment by the state
- Hayes says $4.3B fine disproportionately harsh compared to lack of prosecution of "Too Big to Fail" bank CEOs after 2008 crisis
- Suggests CZ's meteoric rise with Binance threatens financial and political establishment by disintermediating institutions
- CZ stepped down as Binance CEO, pleaded guilty to AML violations, paid $4.3B, and faces up to 10 years in prison and $50M personal fine
- Hayes sees similarities, having stepped down from BitMEX after charges of money laundering and Bank Secrecy Act violations, paying $10M fine