From Russia Sanctions to the Downfall of SFB — FTX Case Exposes Future of Digital Assets & Global Commodities was originally published in The Weekend Brief (TWB) Newsletter by Areas & Producers

The FTX legal case is an extensive story. Let’s start with the events occuring on 21 December 2022 when founder of FTX and Alameda Reseach, Sam Bankman-Fried (SFB), and two of his associates, Caroline Ellison and Gary Wang, are all facing charges of financial fraud at the federal level. SFB gave in to US authorities in The Bahamas by agreeing to be extradited to the US to face his crimes, while Ellison and Wang both plead guilty to defraduing crypto investors on the FTX crypto exchange platform.

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Lobbyists for fintech and digital assets should continue to play a big role in the outcomes for crypto exchange markets. For example, read more about the Binance case for crypto lobbying to know more about those aspects.

What does this mean for decentralization trends in global financial markets?

Decentralization has been a critical topic for the emergence of cryptocurrencies and digital finance via the fintech industry and advancements in blockchain technologies. It’s believed by many crypto advocates that decentralization should be the only form of digital payments, with no control by authorities such as a central banking institution. With the FTX case, I’m afraid that those advocates are on the losing side of the argument. Crypto regulation is already in the works and the downfall of SFB and FTX is a symptom — albeit one with enormous legal consequences — of the plunge in cryptocurrency markets as of late.

From Russia Sanctions to the Downfall of SFB — FTX Case Exposes Future of Digital Assets & Global Commodities was originally published in The Weekend Brief (TWB) Newsletter by Areas & Producers

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