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FTX-SBF charges valid despite lack of US crypto laws, DOJ says, TV's Kevin O’Leary: ‘All the Crypto Cowboys Are Going to Be Gone Soon’, & more

Oct 05, 2023

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FTX-SBF charges valid despite lack of US crypto laws, DOJ says

The United States Department of Justice (DOJ) filed a motion in court on Oct. 4, claiming the lack of crypto regulations in the U.S. is no bar to the criminal charges made against former FTX CEO Sam “SBF” Bankman-Fried.
The DOJ’s letter was filed in response to the defendant’s request for clarification and reconsideration of charges related to the misappropriation of funds in FTX. Lawyers for SBF argued that their client was “not guilty because FTX was not regulated in the United States, and he followed the rules concerning FTX US.”
The DOJ called this argument irrelevant, claiming that even though the existence of legislation may be necessary to prove a legal obligation, the lack of it does not affect whether the defendant’s victims committed money to him. The DOJ noted that the defendant’s claim about a lack of regulations related to customer funds usage is false as there are existing rules against it.
The DOJ further argued that the existing laws prohibit companies from stealing customer assets, and the defendant has been charged under the same. Furthermore, it said the defendant committed substantial misrepresentations to customers, as well as having stolen money from them.

SBF faced his first day of jury trial on Oct. 3, with reports suggesting the trial could last as long as six weeks.

Full Article

TV's Kevin O’Leary: ‘All the Crypto Cowboys Are Going to Be Gone Soon’

Kevin O’Leary, the Canadian entrepreneur and television personality who reportedly served as a paid spokesperson for the now-collapsed FTX exchange, thinks the era of what he calls “crypto cowboys” is waning as the industry shifts to being regulated.
“All the crypto cowboys that were the founders of this industry," O’Leary said during an interview on CoinDesk TV, "they’re all going to be gone soon. ... They all have arrows in their backs.”
Despite all of this, O’Leary remains optimistic about crypto, but won’t get involved in an exchange unless it's 100% compliant.

According to Michael Lewis’s new book, "Going Infinite," O’Leary was paid $15.7 million by FTX for “20 service hours, 20 social posts, one virtual lunch and 50 autographs.”

Full Article

IMF floats "matrix" on crypto risk as use grows around the world

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