Man oh man, is this exciting or what?
The TRIAL BEGINS: https://www.theguardian.com/business/2023/oct/03/sam-bankman-fried-ftx-crypto-trial-start
I am not happy at all that a man is going to jail, I am happy that any fraudster will be held accountable. If there is evidence SBF did nothing wrong, I hope he is acquitted. If he is guilty, I hope he gets the maximum punishment he can that is allowed under the current laws.
I believe that in the long run, things like the SBF trial will benefit the long term health of cryptocurrency.
We will see if the trial and any news that comes from it provide a short term boost to prices or if it causes a drop in prices. We will see.
I know the fall of FTX appears to be the catalyst for the SEC and it's scorched earth tactics against the industry. I hope people in power understand and learn from their mistakes to provide reasoned guidance to the industry.
I see this trial going both ways depending on who is looking at it. The SEC and the esteemed Mr. Gensler will (in my opinion) view it as a reason to continue it witch hunt. I see the pro-crypto crowd viewing it as a move in the positive direction as there needs to be some level of oversight to stop crypto as being viewed as some fake and fraudulent system only supported by the "greater fool theory."
