Sam Bankman-Fried and the SEC

null By The Editorial BoardNov. 3, 2023 6:47 pm ETJournal Editorial Report: The week’s best and worst from Kim Strassel, Bill McGurn and Dan Henninger. Images: AP/Reuters Composite: Mark KellySam Bankman-Fried charmed investors and politicians, but he wasn’t so fortunate with a federal jury. On Thursday the former FTX crypto-exchange kingpin was convicted of seven counts of fraud and money-laundering. Note to Chairman Gary Gensler: The Securities and Exchange Commission doesn’t need to regulate crypto markets to police malfeasance.After FTX imploded last autumn, some $9 billion in customer deposits went missing. Prosecutors showed that Mr. Bankman-Fried used the money to fund risky investment bets and cover losses at his Alameda Research trading house, buy influence in Washington, and acquire real estate in the Bahamas. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8Continue reading your article witha WSJ subscriptionSubscribe NowAlread

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The Editorial Board

Nov. 3, 2023 6:47 pm ET

Journal Editorial Report: The week’s best and worst from Kim Strassel, Bill McGurn and Dan Henninger. Images: AP/Reuters Composite: Mark Kelly

Sam Bankman-Fried charmed investors and politicians, but he wasn’t so fortunate with a federal jury. On Thursday the former FTX crypto-exchange kingpin was convicted of seven counts of fraud and money-laundering. Note to Chairman Gary Gensler: The Securities and Exchange Commission doesn’t need to regulate crypto markets to police malfeasance.

After FTX imploded last autumn, some $9 billion in customer deposits went missing. Prosecutors showed that Mr. Bankman-Fried used the money to fund risky investment bets and cover losses at his Alameda Research trading house, buy influence in Washington, and acquire real estate in the Bahamas.