Jury selection begins for Sam Bankman-Fried's trial

Jury selection begins for Sam Bankman-Fried's trial

The trial of former crypto billionaire Sam Bankman-Fried, who is accused of embezzlement, began on Tuesday.

FTX's founder, 31, is alleged to have been involved in a slew of charges related to an alleged multi-billion dollar cryptocurrency fraud.

As jury selection begins, the world of crypto awaits the development of a trial that could shape the face of crypto regulation for years to come.

Bankman-Fried's trial is scheduled to take place at Benzinga's Future of Digital Assets conference in NYC on Nov. 14, where experts will explore the evolving landscape of the crypto industry.

The jury's selection and Bankman-Fried's potential conviction are expected to resonate strongly in Washington, D.C., where a number of crypto-related pieces of legislation are being discussed.

Bankman-Fried was a popular name in Washington before the fall of FTX, which dragged the entire crypto market down to two-year lows.

The fallen entrepreneur's donation is only behind George Soros, who is regarded as one of the most important political contributors.

Among the charges Bankman-Fried is facing are accusations of $100 million in stolen FTX deposits to finance political operations. Several Democratic politicians turned down the money coming from Bankman-Fried's accounts after the FTX story became known.

Bankman-Fried fought for regulatory oversight and consumer protection. The Republicans are now pushing for some regulations, a number of them being proposed by a number of Republicans.

Congress introduced a number of bills designed to regulate the cryptocurrency industry before the August recess. The proposed bill seeks to establish a key package that would oversee the crypto market, the Securities and Exchange Commission or the Commodity Futures Trading Commission.

The government has been trying to control the crypto market, which is decentralized and hard to manage.

The SEC has instituted several measures designed to keep the cryptocurrency market safe, which were greatly criticized by industry leaders. The SEC is addressing crypto with rules and definitions made for traditional securities as a major problem. Cryptocurrencies are being debated by financial economists.

The SEC began working under the definition that all forms of digital assets are securities and that should fall under their jurisdiction after the FTX debacle that resulted in financial losses and the lack of effective legislation from Congress.

The government has launched a crackdown on significant cryptocurrency exchanges and companies, such as Binance and Coinbase Global Inc COIN.

The House Republicans proposed bills that would restrict the SEC's authority to regulate cryptocurrencies, giving the Commodity Futures Trading Commission oversight authority for most cryptocurrencies.

The bills are expected to be voted on this fall, and they also include regulation for stablecoins, whose widespread expansion is causing fears of an erosion of the government's ability to steer the economy through monetary policy. The bill aims to establish criteria for companies that can issue stablecoins and regulate their redeemability and collateral management.

But, at the same time, a group of Democratic senators are pushing for a separate set of bills that aim to combat money-laundering and sanctions abuses in crypto by extending anti-money-laundering requirements to digital wallet providers, crypto miners, validators and other members of the crypto network.

It will remind everyone in Congress about the risks that an unregulated crypto industry poses for all of our constituents, for our economy and for international stability, he said.

Sam Bankman-Fried, suing Insurer for $5 million, alleges breach of contract over legal expenses.