Crypto Industry Seeks to Move Past FTX Scandal Despite Lingering Doubts from Regulators
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After a monthlong trial, former FTX CEO Sam Bankman-Fried was found guilty of 7 criminal charges including securities fraud. The crypto industry wants to move past his crimes.
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FTX's collapse last November deepened the "crypto winter" downturn. Bitcoin's price has rebounded some but remains far below its peak.
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The crypto industry argues Bankman-Fried's fraud doesn't reflect on blockchain technology. But regulators remain deeply skeptical.
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The SEC and CFTC have brought enforcement actions against major exchanges like Coinbase, Kraken and Binance.
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Despite setbacks, crypto is persisting. Wall Street takes it seriously, and new crypto ETFs could be approved. FTX may even relaunch under new ownership.