At first glance, the cascade of legal charges dropped on Sam Bankman-Fried seem to be a symbolic end to the initial, Wild West era of crypto. But some say the charges may do little to dispel the regulatory fog surrounding the U.S. crypto industry.
His attorney previously told Axios, via an emailed statement: "Mr. Bankman-Fried is reviewing the charges with his legal team and considering all of his legal options."Former regulators, legal scholars and defense attorneys say that even if Bankman-Fried is convicted of criminal charges and loses the civil cases, it will do little to immediately change standards in the U.S.
That's because the criminal charges center on fairly straightforward allegations of fraud rather than technical questions about the nature of crypto.It's alleged that he used money obtained from investors and made material misrepresentations to them as to how that money was going to be used or invested. That's it," says Ira Sorkin, a well-known white-collar criminal defense attorney who represented convicted Ponzi schemer Bernie Madoff.
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