What next for crypto as FTX founder is jailed?

investmentnews.com:

Sam Bankman-Fried’s conviction for a huge fraud at the FTX exchange raises a deceptively simple question: what next for crypto? 

The former billionaire was a vocal champion of the industry but now faces decades in jail, a fall that is emblematic of the boom and bust in the digital-asset market over the past two-and-a-half years.

For some in crypto, his conviction on seven counts of fraud and conspiracy points to the end of an era of risky and wrongful practices, and a more regulated future of wider adoption of digital assets and blockchain technology.

Others outside the industry are taking a much tougher line, arguing that the verdict confirms crypto as a sector riven with weaknesses that attract criminals, hackers and rogue states.

Crypto markets dipped after the verdict but the losses were mostly contained. Bitcoin — up more than 100% this year following a $1.5 trillion digital-asset rout in 2022 — fell about 1% to $34,660 as of 10:46 a.m. in Singapore on Friday.

Reactions to the jury verdict follow below.

“The guilty charges in the FTX case mark the end of an era,” said Brian Mosoff, chief executive officer of Ether Capital Corp., which invests in crypto and blockchain projects. “The days of wild west exchanges, scammy assets, fraud, and an industry living off in the corner of the Internet are over.”

“Success, fame, and money were the early-in-the-story words to describe Sam’s empire, but the final will be deception, fraud and justice,” Mosoff said.

“We have to learn and move on,” said Paul Veradittakit, managing partner at venture capital company Pantera Capital, adding “regulatory clarity is needed and helpful to prevent these situations.” 

“Diligence in crypto continues to evolve in the space and I’m sure it has