New York, New York – March 30: FTX founder Sam Bankman -fried (C) departs from Manhattan federal court after one … more
Sam Bankman-Fried (SBF) should not be in prison. All we need to understand is to remember that when SBF was forced to sign bankruptcy documents for FTX, one -third of Crypto Exchange assets were the FTT coins issued by FTX. What is the point.
These coins were not “money” in the traditional concept of Stablecoin, it was probably shares. As Michael Lewis explained Goes infinite (my review here);“The most important feature of FTT was that its holders were collectively entitled to about one -third of the annual FTX exchange revenue.”
This is elementary when it comes to promoting the idea that SBF criminally ignores customer funds for itself for negotiation and investment. More realistically, that was the purpose of housing money in FTX. The evidence that supported the previous requirement can be found in the fact that the high time for the FTT coins, a high that arrived in September 2021, was $ 84. FTX coins were a way for people who did not understand the encryption market to get exposure to it.
The crucial here is that if SBF had not done what he has behind the bars today, he would not have taken over any money. See above. Customer’s assets in FTX were a speculation in SBF and the view (undoubtedly correct as evidenced by recovery in FTX’s assets after bankruptcy) that somewhat with the sole gaining the future encryption.
This brings us to genius, clarity and other actions intended to create a stable regulatory environment for the present and the future of encryption. The latter accurately explains why SBF spends so much time in Washington. While the self -proclaimed purely of the various political and economic religions abused the SBF era in Washington as proof of Cronyism for its part, it was in fact the SBF looking for a regulatory printing for Crypto which it considered necessary for its positive development.
Some understands the tendency of business types to “attract” to Washington, but the clean shouts on the scoreboard. Until Washington retreats from commercial involvement, it will be essential for those who discover a new future to do good with the political class.
The passage of genius, clarity and others, as he justifies what the SBF did throughout. He saw uniquely that the failure to institutionalize the regulation of encryption would make all his work shovel by himself and others. And so, he fell into the swamp.
Bringing everything to President Trump, it’s time to forgive the SBF. Unlike a criminal, the SBF somewhat uniquely saw a future that no one else did. What is easy to forget about those who are willing to risk everything in the face of endless ridicule is that there are stumbles along the way. If the change was easy or better, apparentWe would never have heard about SBF. We have because he did what no one else had the courage or the imagination to do.
To date, those who need to know the best promotion of SBF as a fraudster or fraudster, while also agreeing with the prison sentence, the biggest truth is that the only mistake of SBF was not even a mistake: for a time the various concepts of encryption that were actively negotiated and invested in the south. It is simply mentioned, the SBF sits in prison because the market for encryption coins was briefly corrected. It is time for President Trump to correct this intense mistake.
