Given everything that we have learned about FTX, SBF, and Alameda Research it is safe to say that the nastiest side of crypto yet has exposed itself to not only people in the crypto industry but the public as well. I personally thought 3 Arrows Capital was going to be the worst that we would see as we have now learned sadly that is not the case.
I have always tried to be as transparent and open with how my job and crypto oversets. Given I work in Congress and watched this all transpire with colleagues asking me about my opinions and how I felt and offering what I knew about certain things there are a few things that I think I can say that are not out of left field and are realistic about what could and I would bet will happen.
The main difference between SBF, Do Kwan, and Celsius leadership is that only SBF testified before Congress under oath. Regardless of the events that transpired with all of these different individuals and entities by testifying and working with Congress/regulators, SBF has set himself up for an entirely new level of scrutiny. If you go back through what he testified before Congress and then look at his statements it is apparent he did not tell the truth. Due to that and that alone he can easily face prosecution and jail time. Not only that but he is a US citizen who has parents tied to this country who have been big participants in politics.
Typically one would say that this is going to mean he is going to get off however he has cost some very very rich Americans and even pension funds money with this collapse. Those are things that no matter what do not go unpunished and messing with both the rich and making politicians and regulations look bad is not one of them. There is a huge plus to this and this is that SBF has worked with the SEC extensively and was someone who was against DeFi and wanted all these regulations on Centralized Exchanges. I could easily see especially in the next Congress Gary Gensler being fried on National TV in hearings and people in the government losing complete faith in him. SBF has also tainted all the legislation he worked with politicians on like the various bills that have moved forward in Congress.
Congress is back in session next week and with numerous things still up in the air when it comes to the next Congress one thing, in particular, that will be an issue is that politicians will be forced to make statements on this current meltdown in the crypto world. Once it crossed over into FTX.US this means that U.S. investors have been impacted for the second time now after the Voyager collapse earlier this year.
Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to support me further below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_
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