The arrest of former FTX CEO Sam Bankman-Fried by the Bahamian authorities served as a cue for anti-crypto proponents to reignite discussions around the dangers of cryptocurrencies. While some political leaders blame the crypto ecosystem for SBF’s alleged fraud, others find no point in blaming an entire industry for one man’s action.
During House Financial Services Committee hearing on FTX, Congressman Brad Sherman did not see a difference between SBF and an industry that once boasted a $2 trillion market cap, stating: