News Analysis
The international scandal of the implosion of FTX, whose founder and former CEO, Sam Bankman-Fried, stands accused of all manner of fraudulent and reckless practices, could spur a regulatory overhaul aimed at curbing the excesses of the barely-regulated crypto space and preventing such fiascos in the future, experts on finance and law have told The Epoch Times.
But the opportunity may well be lost if lawmakers treat FTX’s blow-up as the financial shenanigan du jour and let those complicit in the deceptive marketing and trading practices of FTX off the hook, the experts warn.
In the aftermath of the exchange’s insolvency and Chapter 11 filing, parties ranging from the U.S. Justice Department to the government of the Bahamas, where FTX and Bankman-Fried are based, to private former clients of FTX, have launched investigations or filed lawsuits, with many more expected in the weeks and months to come….