Crypto Market Overview January 4th | Dex-Trade

SBF Pleads Not Guilty in FTX Fraud Case

Former CEO of crypto exchange FTX, Sam Bankman-Fried (SBF), pleaded not guilty to federal charges of conspiracy to commit wire fraud and securities fraud at a New York court hearing. accused. As a reminder, the full list of charges brought against the SBF includes securities fraud, wire fraud, money laundering and conspiracy to circumvent campaign finance restrictions. In fact, the young crypto businessman has become the prime suspect in the biggest financial scam in US history. We have previously reported that former FTX CTO Gary Wang and former CEO of Alameda Research Caroline Ellison pleaded guilty and confirmed their involvement in fraudulent schemes, most of which were directly orchestrated by Sam. Most of the crypto media and many market experts "prophesied" Sam's confession and his cooperation with the investigation, but this did not happen. At the end of the FTX crash hearing, Judge Lewis Kaplan set a new trial date, which will take place after a detailed investigation into the case, for October 2. He also stated that the trial could last four weeks. If found guilty, the “crypto prodigy” can be sent to prison for up to 115 years.

 

Brad Garlinghouse from Ripple Looks to 2023 With 'Cautious Optimism'

Ripple CEO Brad is far from the most active Twitter user. However, yesterday he wrote a post saying that in 2023 "we will (finally!) see a breakthrough." His tweet was timed to coincide with the 118th session of the US Congress, in which both houses of representatives, as well as both parties, publicly supported blockchain technology and recognized the need for clarity in the regulatory system. According to Garlinghouse, thanks to this decision, the industry is no longer working with a blank sheet of paper. “Prior bills have tried to address everything from stablecoins and CEXs (RFIA and DCEA); clearer definitions of what constitutes a digital asset security (Securities Clarity Act); safe harbors (Clarity for Digital Tokens Act) and more.” — reminded the CEO of Ripple. At the same time, the crypto businessman believes that ideal bills should not be expected, so such a document should strive to satisfy the needs of all market players, but in reality it is almost impossible to achieve such a result. Therefore, "perfect shouldn’t be the enemy of progress." Garlinghouse also warns about the dangers of a lack of regulation in the US. The lack of agreed-upon standards around the world, and in the US in particular, continues to push businesses into a gray game, and in some cases actually legitimizing fraud, as the FTX collapse and the even earlier example of the collapse of Terra clearly point to.