Crypto founder Sam Bankman-Fried charged with fraud

Crypto founder Sam Bankman-Fried charged with fraud

The current legal framework is sufficient to charge Sam Bankman-Fried, the founder of the collapsed crypto exchange FTX, with fraud-related violations.

The Department of Justice outlined its position in a filing submitted on Wednesday, denying Bankman-Fried's claims regarding the absence of relevant laws specific to crypto.

''Scared by his victims,'' the DOJ filing said.

The debate over crypto regulation in the U.S. continues to be a contentious matter, with various stakeholders advocating for different approaches ranging from strict regulation to a more permissive regulatory environment.

The filing further refuted SBF's claims that pooling and reallocating customer funds were standard practices in the cryptocurrency industry.

The prosecutors said the accusations in this case did not concern whether the defendant's conduct was consistent with general practices in the crypto industry. The defendant's actions and statements, which allegedly led customers to entrust their assets to him and then misappropriated those assets, are now the focus of the court's attention.