- The trial against Sam Bankman-Fried is not a good look for crypto.
- His lawyers are trying a Hail Mary defence: painting him as a hapless businessman who made mistakes.
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Happy Friday!
Eric Johansson here.
In their opening statement Wednesday, Sam Bankman-Fried’s legal team paints him not as a fraudster, but a mere businessman who made catastrophic mistakes.
Aleks Gilbert explains why it’s a Hail-Mary defence with only slim chances of success.
Bankman-Fried’s unfolding courtroom drama — with its growing cast of cryptorati high-rollers, unrelenting flow of new revelations, and very real victims — is horrible PR for an industry under siege by market watchdogs and politicos who already paint it as a hotbed for scams and fraud.
At the same time as the fallen crypto king faces the music in New York, the industry lost one of its big supporters in Washington.
Kevin McCarthy’s removal as Speaker of the House cleared the way for crypto-firebrand Patrick McHenry to temporarily fill the spot.
He’s a crypto fan, but his new role may actually hurt the industry’s outlook. Here’s how.
Have a great weekend!
Eric
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